Somalia and Italy have jointly announced the establishment of a fresh fund to bolster the nation’s endeavors in achieving peace and stability. The fund, known as the Towards Peace and Stability in Somalia (TPSS) Fund, was inaugurated by Prime Minister Hamza Abdi Barre in collaboration with the Italian Government.
During his keynote address at the event, PM Barre emphasized the significance of the TPSS Fund in empowering Somalia to spearhead the delivery of tangible advantages to its populace, thereby fostering enduring peace and stability. He highlighted that the fund will concentrate on areas such as governance, security, justice, social services, economic development, and humanitarian aid.
The Prime Minister further outlined the fund’s ambitious fundraising target and urged donors and partners to actively contribute to this pool of resources. He reiterated that the fund will operate under the principles of transparency, accountability, and alignment with national priorities.
PM Barre also expressed profound gratitude for the support and collaboration of all international stakeholders in the country’s journey towards socio-economic and political stability amidst the government-led battle against Kharijite terrorism. He affirmed Somalia’s commitment to working alongside its friends and allies to overcome challenges and seize forthcoming opportunities.
The TPSS Fund represents a novel initiative that aims to strengthen the coordination and effectiveness of international aid to Somalia. It is anticipated to complement and bolster existing mechanisms such as the Somali Development and Reconstruction Facility (SDRF) and the Comprehensive Approach to Security (CAS). The fund will be overseen by a steering committee comprised of representatives from Somalia, Italy, and other contributing parties.