PRESS RELEASE The Finland Ministry of Foreign Affairs and the World Bank signed anagreement today for…
PRESS RELEASE
The Finland Ministry of Foreign Affairs and the World Bank signed anagreement today for Finland to provide EUR 4 million to the World Bank-administered Multi Partner Fund (MPF), a multi-donor trust established for New Deal implementation in Somalia.
Commenting on the Finnish contribution, H.E. Tarja Fernández, Ambassador of Finland to Somalia said that “Finland’s development co-operation is focused on least developed countries and fragile states. Finland lays particular emphasis on the strengthening of the developing countries’ own economies to promote employment, livelihoods and well-being. The MPF is an important tool to foster Somali economic recovery and governance reforms, including federalism, and it suits well Finland’s comprehensive approach to peace and development.”
The MPF provides a platform for coordinated financing for sustainable reconstruction and development in Somalia with a focus on core state functions and socio-economic recovery. The three key areas of thematic focus include: effective and accountable government, core economic infrastructure, and enabling economic growth.
“Finland joins the MPF at an exciting time. We are starting to see the roll out of the portfolio on the ground and a new level of sophistication in our engagement with the Somali authorities. The MPF is proving that the country systems are a viable means of delivering development programs in Somalia,” said Bella Bird, World Bank Country Director for Somalia.
One of the New Deal principles reflected in the Somali Compact is the commitment to build and use country systems. With a portfolio focus on “recipient-executed” projects (i.e. projects designed and delivered by and through Somali institutions), the MPF is a vehicle for building and using country systems, ensuring ownership and capacity internalization for sustainability.
In total, donors have committed US$185 million to the MPF. Other donors contributing to the MPF include the European Union, the Royal Norwegian Embassy, the Swedish International Development Cooperation (SIDA) Agency, the Swiss Agency for Development Co-operation (SDC), the UK Department for International Development (DfiD), Italian Ministry of Foreign Affairs and International Cooperation, Denmark Ministry of Foreign Affairs (DANIDA) and the World Bank State- and Peacebuilding Fund (SPF).
