Nairob (KAAB TV) – A brief event took place in Nairobi, Kenya, where the African Development Bank’s annual meeting is being held. The occasion celebrated the signing of a significant financial agreement between the Federal Government of Somalia and the AfDB, which comes at a critical moment when the world is grappling with the repercussions of climate change.
Mr. Bihi Iman Cige, Minister of Finance for the Federal Government of Somalia, and Dr. Beth Dunford, Vice President of the African Development Bank, signed this agreement jointly. This partnership is likely to benefit Somalia, which has been severely impacted by climate change and requires financial assistance. This is an excellent step for Somalia’s economy.
After the signing, Md. Bihi Iman Cige made a brief address in which he expressed his gratitude for the Bank’s assistance and highlighted the benefits of this collaboration for Somalia. He emphasized the importance of AfDB collaboration, especially in light of the country’s recent financial reforms and ongoing economic liberalization process.
Since the declared success of Somalia’s financial reforms and economic liberalization, the AfDB’s support for the country has gradually expanded. This finance agreement demonstrates AfDB’s commitment to assisting Somalia in its economic recovery and regeneration efforts.
Somalia has taken a huge stride forward with the rise of optimism amid the global climate catastrophe. It emphasized the importance of international cooperation and the role of financial institutions in helping countries’ efforts to achieve a sustainable and resilient future. This is a terrific move for Somalia’s economy.