World Bank grants Somalia $75m in debt relief

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People walking in in the Hamarweyne market of Mogadishu, Somalia.  PHOTO | JP LOPEZ | AFP

The World Bank said Monday it had provided a 75-million-US-dollar grant to Somalia to help bring the country closer to debt relief.

The global lender said the grant is the second in a series of two grants that are helping the country make progress on its path to qualify for full and irrevocable debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative.