NAIROBI, Kenya – Somalia’s Minister of Finance, Bihi Iman Egeh, participated in the International Development Association (IDA21) replenishment Finance Ministers meeting in Nairobi today.
The meeting, organized by the World Bank, is in preparation for the Heads of States Summit scheduled for tomorrow. The increased IDA21 replenishment is crucial for Somalia’s post-HIPC (Heavily Indebted Poor Countries) future and the financing of development projects.
The International Development Association (IDA) is a part of the World Bank Group that provides interest-free loans and grants to the world’s poorest countries. The IDA21 replenishment is a critical event for Somalia, as it seeks to secure additional resources to support its development agenda and alleviate the country’s debt burden.
During the meeting, Minister Egeh emphasized the importance of increased funding for Somalia, stating that it is essential for achieving the country’s development goals and ensuring a sustainable post-HIPC future.
He highlighted the government’s commitment to implementing reforms and improving governance to create an enabling environment for development projects.
The World Bank, along with other international partners, has been working closely with Somalia to support its economic recovery and development efforts. The increased IDA21 replenishment will enable Somalia to access additional resources to finance critical infrastructure projects, social services, and economic reforms.
The Heads of States Summit, scheduled for tomorrow, will bring together leaders from various countries to discuss the progress made in the IDA21 replenishment process and to chart the way forward.
The summit is expected to be a significant milestone in Somalia’s journey towards achieving its development goals and securing a brighter future for its people.
