Abu Dhabi Fund for Development (ADFD) has announced a contribution of AED330 million ($89.8 million) to implement development projects and programmes in key sectors in Somalia, particularly infrastructure and transport.
The funding underpins efforts to improve public services, create new job opportunities and ensure stability and social development, state news agency WAM reported on Wednesday.
It said the contribution aims to help Somalia overcome the economic challenges it faces through financing sustainable projects which in turn promote socio-economic wellbeing, alleviated living standards, long-term growth and prosperity.
ADFD said its support will stimulate construction efforts, expand and rehabilitate roads, build bridges and ultimately increase efficiency in the movement of goods and products across Somalia.
Since its inception in 1971, ADFD has financed development projects valued at AED80 billion in more than 80 countries around the world.
The fund focuses on projects that are designed to enhance key sectors including renewable energy, transport, infrastructure, agriculture, mining, industry, healthcare, social services, housing, water and electricity.