Mogadishu– The Somali Federal Gov’t signed an agreement with Abu Dhabi Development Fund (ADFD) to settle a longstanding debt of $ 257 million.
The agreement settled the debt in which the Somali government had incurred to finance the Jubba Sugar Factory project.
Somalia’s Finance Minister, Mr. Bihi Iman Egeh and the Director General of the Abu Dhabi Development Fund, Mr. Mohamed Saif Al-Suwaidi, jointly signed the agreement.
Somalia’s finance minister said in statement posted on his twitter that the Somali government greed to settle 944.8 million AED ($257.3 million) with the Abu Dhabi Development Fund at the World Government Summit in Dubai, marking a significant step towards economic recovery for Somalia.
This agreement paves the way for the fund to re-engage in supporting development projects in Somalia and to secure new financing for the country’s economic infrastructure, which is in great need of investment.
The Somali government has been making significant efforts in recent years to secure funding and economic development for the country following the global debt relief it received.
