The European Union (EU) announced Wednesday that it is to co-host the new round Somalia international conference with the Federal Government of Somalia.

According to an EU statement, the international conference will endorse the "New Deal Compact" that will commit the Somali people and their international partners to a set of key priorities and new support for the reconstruction of Somalia over the next 3 years.

It said that the Conference is set to build on the momentum of progress and change in Somalia, supported by the recent international conferences on the country.

"The New Deal Compact to be endorsed by Somalia and the international community in Brussels in September is a milestone in the New Deal for fragile states framework which commits national and international partners to jointly deliver on the most critical political, security and socioeconomic priorities," said the EU statement.

It said the New Deal also includes a new financial architecture for Somalia based on mutual accountability and partnership.

This New Deal process was launched on May 14th, 2013 by the Somali Prime Minister and is led by the New Deal Task Force, composed of the Federal Government, Parliament, the EU (representing the donors) and Somali civil society, together with a broad range of stakeholders.