Somalia and Italy on Wednesday launched a new fund to help enhance peace and stability as part of efforts to foster unity and collaboration.

Somali Prime Minister Hamza Abdi Barre said the fund, Towards Peace and Stability in Somalia (TPSS), is an initiative that aims to enhance the coordination and effectiveness of international assistance to Somalia.

“The establishment of the TPSS Fund is a groundbreaking and daring initiative that aims to reshape the future of our nation,” Abdi said during the launch of the fund in Mogadishu, the capital of Somalia.

He said the fund, which will be managed by a steering committee composed of representatives from Somalia, Italy, and other donors, aims to empower government institutions by utilizing country systems and promoting government-led stabilization efforts.

Abdi said the TPSS fund will empower Somalia to take the lead in delivering tangible benefits to its citizens, thereby fostering lasting peace and stability. He called on donors and partners to take an active part in contributing to this pool of funding which he said will help in stabilization efforts.

Sadat Mohamed Nur Aliyow, state minister in the Ministry of Interior, Federal Affairs, and Reconciliation, said the initiative came at a crucial time when the government forces have intensified operations to fight the al-Shabab.

“This initiative represents a critical turning point in our fight against extremism, hence the need to accelerate stabilization efforts in tangible ways,” Nur said.

Alberto Vecchi, ambassador of Italy to Somalia, expressed Italy’s commitment to supporting sustainable peace and prosperity in Somalia.