NAIROBI, Kenya – A brief ceremony was held today in Nairobi, Kenya, where the annual meeting of the African Development Bank (AfDB) is currently underway. The event marked the signing of a crucial financial agreement between the Federal Government of Somalia and the AfDB, a move that comes at a critical time for the world, grappling with the effects of climate change.
The agreement was jointly signed by Mr. Bihi Iman Cige, the Minister of Finance of the Federal Government of Somalia, and Mrs. Dr. Beth Dunford, the Vice President of the AfDB. This collaboration is set to provide a substantial boost to Somalia, a nation that has been significantly affected by climate change and is in dire need of financial support.
This is a significant development for Somalia’s financial landscape.
Following the signing, Mr. Bihi Iman Cige delivered a brief speech, expressing gratitude for the Bank’s support and highlighting the potential benefits of this partnership for Somalia. He emphasized the importance of the AfDB’s cooperation, especially in light of the successful financial reforms and the ongoing process of economic liberalization in the country.
The AfDB’s support for Somalia has been steadily increasing since the official success of the country’s financial reforms and the subsequent opening up of its economy. This financial agreement is a testament to the AfDB’s commitment to supporting Somalia in its journey towards economic recovery and resilience.
This development is a significant step forward for Somalia, offering a glimmer of hope in the face of the global climate crisis. It underscores the importance of international cooperation and the role of financial institutions in supporting nations in their efforts to build a sustainable and resilient future.
