World Bank returns to Somalia

The World Bank is back in Somalia after 30 years of absence. The Bretton Woods institution approved $ 80 million in loans to finance public finance reforms in the East African country.
This is the first disbursement in nearly 30 years of the government of a country torn apart by the civil war. The bank will release $ 60 million for the Recurrent Cost and Reform Project and $ 20 million for the Revenue Capacity Building and Public Financial Management Project.
The financial institution will work with Mogadishu to improve services such as education and health, access to clean water, energy and finance for its citizens through a program called the Country Partnership Framework.
The World Bank had suspended financial support for Somalia in 1991 as the war broke out in the country. The present financing comes in a context where Somalia is regaining stability.
It should be noted that the Somali economy is expected to grow between 3.5% and 4.5% on average between 2019 and 2022, according to forecasts.