World Bank & Somalia sign a deal

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The Somali Federal Government (SFG) signed a $80 million loan agreement with the World Bank today in Mogadishu. 60 million dollars is earmarked for reforms in Somalia’s treasury department where 20 million dollars is allocated for empowering revenue management agencies. The signing ceremony was held at Somali Prime Minister’s office.

The minister for finance, Dr. Abdirahman Du’ale Bayle has signed the deal on behalf of Somali government. This is the first loan that the World Bank granted to Somali government ever since the collapse of its central government in 1991. The World Bank re-established working relations with Somali government in 2013.

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