Somalia and Germany have agreed to a €17.7 million project to boost the capacity of Somali banks and support the development of various sectors of the society, such as agriculture, livestock, fishing, education, health and tourism. The project is a collaboration between the Somali government’s Aid Agency and the German Development Bank (KWF).
The signing ceremony was attended by officials from the Federal Ministry of Somalia, the country’s banks and other stakeholders. The project aims to improve the economic situation of the vulnerable communities in Somalia, which have been affected by conflict, climate shocks, locusts and the COVID-19 pandemic.
Suleiman Abdil Duale, the Chairman of the Aid Agency, told the media that the project will enhance the payment skills and knowledge of the beneficiaries, and encourage them to invest in their own businesses. He said that Somalia is a poor country that needs work opportunities to overcome the challenges of peace, economic crisis and youth unemployment.
Sharmake Mohamed, the Director General of the National Statistics Agency, said that Somalia has more potential than this project, and that it prioritizes social development and creative work. He expressed his honor to participate in the signing ceremony with KWF, which he said focuses on community development and job creation. He added that his organization will cooperate with the Aid Agency in implementing the project.
Shirwac, the Chairman of the Somali Banking Union (SBA), welcomed the efforts of the Somali government, especially the Aid Agency and the German government, and said that the project will help revive the country’s economic institutions, such as banks. He said that the project is not new to them, as they have been working with KWF before, and that it comes at a good time to celebrate the debt relief that Somalia has achieved. He hoped that the project will benefit many people and create jobs.
The Aid Agency is an entity that connects financial institutions, the government and the international community, and strives to develop the community in the areas that are essential for the people’s services.
