{{Donors have pledged 1.8bn euros ($2.4bn; £1.5bn) at a conference in Brussels to help Somalia end more than two decades of conflict.}}
The money is part of a “New Deal” for what is widely regarded as a failed state, officials said.
Al-Qaeda-linked al-Shabab dismissed the meeting as “Belgian waffle”.
Al-Shabab is fighting to oust Somali President Hassan Sheikh Mohamud’s government, the first to be recognised by the US in more than 20 years.
The group controls most of southern Somalia, but it has been driven out of the main cities and towns, including the capital Mogadishu, by an African Union (AU) force backing the government.
The EU and Somali government believe now is a good time to adopt the programme as the country has entered a new era, with a more legitimate government and progress on the security front.
Mr Mohamud told media he welcomed the New Deal.
“It’s a standard deal throughout the world in the post-conflict environment. This is a deal that is based on Somalia-led initiatives,” he said.
He said he would target four key priorities – security, legal reform, public finances and economic recovery.
EU Commission President Jose Manuel Barroso said the extra money would support a “new phase in the life of Somalia”.
The EU would give 650m euros, while the rest would come from countries such as Denmark, Germany, Sweden and the UK, he said.
The EU contribution would be in addition to the $1.6bn it gave Somalia from 2008 to 2013.
Most of this money was used to finance the AU force of some 18,000 troops.
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