The President of the African Development Bank (AfDB), Dr. Akiwumi Adenisa, has commended the Federal Government of Somalia for the progress made in its loan forgiveness program.
Dr. Adenisa met with Prime Minister Hamza Abdi Barre at the sidelines of the ongoing AfDB summit in Sharm El-Sheikh, Egypt, where he expressed his satisfaction with the government’s dedication to the program’s successful implementation.
During the meeting, the Somali delegation and Dr. Adenisa discussed the enhancement of AfDB’s projects in Somalia and how the bank can contribute to the economic development program of the Somali government.
The president stated that in recognition of the Somali government’s efforts, the African Development Bank will increase its support for the projects currently being executed by the government of Somalia.
The loan forgiveness program is an important part of Somalia’s economic recovery plan, aimed at reducing the country’s debt burden and freeing up resources for development programs. The program has been successful so far, with Somalia receiving debt relief from several international financial institutions, including the World Bank and the International Monetary Fund.
Prime Minister Barre and his delegation are in Egypt for the AfDB conference, which has brought together leaders from across Africa to deliberate on crucial matters affecting the continent. This year’s gathering has placed significant emphasis on mobilizing private sector funding as a vital component in addressing the profound impacts of climate change.
The Somali government has made significant progress in recent years towards stabilizing the country and rebuilding its economy, despite ongoing security challenges. The AfDB’s continued support for Somalia’s development programs will be critical in helping the country overcome these challenges and achieve sustained economic growth.
In addition to its loan forgiveness program, the Somali government has implemented a number of reforms aimed at improving governance, strengthening institutions, and creating a more enabling environment for private sector investment. These reforms have been recognized by international partners, including the AfDB, as important steps towards building a more prosperous and stable Somalia.
As the AfDB and other partners continue to support Somalia’s development efforts, it is hoped that the country will make further progress towards achieving its long-term development goals. The loan forgiveness program, in particular, will play a crucial role in reducing Somalia’s debt burden and freeing up resources for much-needed investments in infrastructure, healthcare, education, and other critical sectors.
Overall, the meeting between the Somali delegation and Dr. Adenisa was an important step towards strengthening the partnership between Somalia and the AfDB, and underscores the bank’s commitment to supporting Somalia’s efforts towards a more peaceful and prosperous future.