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Somalia: Libya Said to Fund Infrastructure - Officicials
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Shabelle Media Network (Mogadishu)
19 June 2008
Posted to the web 19 June 2008
Libya has decided to grant Investment fund to Somalia through Sahel-Saharan Investment and Trade Bank. This was made known by a source close to the organization in Cotonou capital of Benin where the 10th summit of the Community of Sahel-Saharan States, CEN-SAD, is being held since Tuesday.
According to this source, the money will be paid to the Sahel-Saharan Investment and Trade Bank [BSIC] and will be used to fund infrastructures such as roads and bridges within Somalia.
"The key aim of the endowment is to Somalia " Libyan official who declined to identify told Shabelle English service.
CEN-SAD is "the biggest economic community with about 411m inhabitants or 48.2 per cent of the continent's population" and a Gross National Product (GNP) of about 287bn dollars or 44 per cent of that of Africa, according to the organization.
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CEN-SAD on Tuesday welcomed three new members, namely Kenya, Mauritania and Sao Tome and Principe. They are joining the following 25 countries: Libya, Burkina Faso, Mali, Sudan, Chad, Niger, Eritrea, Central African Republic, Senegal, Gambia, Djibouti, Nigeria, Tunisia, Morocco, Somalia, Togo, Guinea, Comoros, Benin, Egypt, Guinea Bissau, Cote d'Ivoire, Liberia, Ghana and Sierra Leone.
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