World Bank Provides $445 million to Support Somalia

They discussed economic reforms & signed 4 project Grant Agreements totaling $445 million USD. The Bank remains a valuable partner to the Somali people.

News Keydmedia Online
1 July 2021

MOGADISHU, Somalia - The outgoing Federal Government of Somalia says it has signed with the World Bank four project grant agreements totaling $445 million on Wednesday.

The minister of finance Abdirahman Duale Beileh has inked the deal on behalf of the government with the World Bank's Country Manager Kristina Svensson following a meeting focused on the economic reforms in Somalia.

"This is a testament to how the world has put trust in us since we fulfilled all the conditions of debt relief," said Beileh, adding that the global lender remains a valuable partner to Somalia.

One of the projects is aimed to educate 100,000 girls from low-income families in the country which is struggling to recover from three decades of conflict. 

The signing of the deal comes hours after the minister has announced that the international donors have stopped direct budgetary support to Somalia for the past six months after the country plunged into political crisis and electioneering period. 

Somalia's external debt is estimated to be $5.3 billion incurred in the past 50 years that includes $1 billion owed by the country to the US, the biggest single creditor in the world.

Under Farmajo's leadership,  Somalia was ranked the most corrupt country in the world, according to Transparency International due to lack of accountability and nepotism in his administration  

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