African Development Bank approves $6.6 million grant to Somalia
The African Development Bank Group has approved a $6.6 million grant to support the Federal Government of Somalia in strengthening its capacity to build its financial infrastructure, with the aim of achieving inclusive and equitable growth.The Somalia Financial Sector Development Project will focus on strengthening the capacity of key financial institutions, including the Central Bank of Somalia, the Somali Development and Reconstruction Bank, and the Financial Reporting Centre, by improving their ability to provide credit effectively and implement anti-money laundering and counter-terrorism financing measures.
The project will also enhance the efficiency of the Somali financial sector through training, regulatory improvements and accountability, as well as technology development. The reforms aim to build a globally competitive and interconnected financial sector in Somalia, enhancing stability, trust and financial inclusion, and attracting private investment.
It is worth noting that Somalia has long suffered from ongoing security threats from armed groups that rely on illicit financing, making strengthening Somali financial institutions vital to the stability of the country and the Horn of Africa region.
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