World Bank Approves First Investment in Somalia’s education sector in over 30 years
Somali Finance Minister Abdirahman Duale Beyle and the World Bank Representative for Somalia Kristina Svensson signed in Mogadishu a $445 million World Bank grant for Somalia to implement development projects. The Minister also discussed with the World Bank's manager Kristina Svensson Somalia alongside Somali Management Agency IFCAfrica Amina Arif, financial system reform. ''Among the key projects signed with world bank today is the first IDA education investment project in 30 years. This will provide high-quality education to 100,000 children from vulnerable and marginalized communities in the most disadvantaged districts in Somalia,'' Somali Finance Minister Abdirahman Duale Bayle said in a statement. Minister Bayle said the signed projects are very important for Somalia, especially in the areas of health and education. Minister Beyle noted that the meeting with the Governor of the World Bank ended successfully and that much was agreed upon. Somalia’s most educationally disadvantaged areas will benefit from the World Bank-financed education project that aims to increase access to primary education in underserved areas, particularly for girls. “Education is a powerful means of socialization and identity development through the transmission of knowledge, skills, values and attitudes across generations which can contribute to breaking the cycle of violence and fragility,” said World Bank Senior Education Specialist, Huma Waheed. Last year Somali debt was slashed to a fraction of its current levels after almost $5bn (£4.1bn) of assistance was approved by the International Monetary Fund and world bank.