Somali National News Agency
So
Ar
Search
  • Home
  • Local News
    Local NewsShow More
    Somali Security Forces Seize 189 Cartons of Illicit Drugs at Aden Adde Airport
    August 7, 2025
    Somalia’s Agriculture Minister Distributes Key Equipment to Farmers to Boost Production
    August 7, 2025
    Somali Finance Minister Welcomes UK Delegation to Mogadishu Port to Review Revenue Modernization
    August 7, 2025
    Somalia Participates in EAC Steering Committee Meeting to Guide Regional Development
    August 7, 2025
    Ministry of Planning and UN Discuss Harmonization of Development Plans in Somalia
    August 7, 2025
  • World News
    World NewsShow More
    Israel kills aid worker in Gaza amid rising starvation deaths, US envoy meets with hostages’ families
    August 3, 2025
    Ghana Donates 40 Metric Tonnes of Cocoa to Palestine in Act of Solidarity
    August 2, 2025
    Seven people in critical condition after car ramming at LA nightclub
    July 20, 2025
    Tourist boat capsizes in Vietnam’s Ha Long Bay, killing 37
    July 20, 2025
    Israel kills more than 50 in Gaza as UN warns of ‘catastrophic hunger’
    July 19, 2025
  • Articles
    ArticlesShow More
    Somali and Allied Forces Deal Major Blow to Al-Shabaab in Coordinated Offensive
    August 6, 2025
    Somalia’s Financial War Against Al-Shabaab: Key Achievements and Strategic Milestones (2022–2025)
    August 4, 2025
    H.E. Abdisalam Abdi Ali Dhaay: Driving Somalia’s Diplomatic Renewal and International Partnerships
    August 4, 2025
    National ID Enforcement in Somalia: A Strategic Plan to boost the Country’s Economy
    July 31, 2025
    The Return of the White Star: Somali Airlines Resumes Operations After Three Decades
    July 29, 2025
  • Business
    BusinessShow More
    Somalia Unveils the Blueprint for a Modern and Sustainable Mogadishu
    December 21, 2024
    Djibouti Launches $57.4 Million Youth Entrepreneurship Project to Combat Climate Change
    November 25, 2024
    FM meets Minister of Investment of Saudi Arabia
    October 28, 2024
    President Hassan Sheikh Inaugurates New LPG Storage Center in Mogadishu
    May 12, 2024
    Collaboration of ICT transformation for digital Infrastructure
    October 24, 2023
  • Sports
    SportsShow More
    Mogadishu Stadium to Host Star-Studded Match Featuring Somali Legends and International Football Icons
    May 27, 2025
    Arsenal held at Brighton while Man City bounce-back continues
    January 5, 2025
    Galmudug wins the Inter-State Football Tournament
    January 29, 2024
    Somalia set for two int’l friendlies ahead of WC qualifier clashes against Algeria and Uganda
    October 10, 2023
    Chicago woman, 104, skydives from plane, aiming for record as the world’s oldest skydiver
    October 3, 2023
  • Tenders
    TendersShow More
Reading: Somalia and Germany sign €17.7 million project to boost Somali banks and sectors
Share
Font ResizerAa
Somali National News AgencySomali National News Agency
  • SOMALI
  • ARABIC
Search
  • Home
  • Local News
  • World News
  • Articles
  • Business
  • Sports
  • Tenders
Follow US
©2023 || All rights reserved SONNA
Somali National News Agency > Blog > Local News > Somalia and Germany sign €17.7 million project to boost Somali banks and sectors
Local News

Somalia and Germany sign €17.7 million project to boost Somali banks and sectors

By Abdiqani Abdullahi
Last updated: December 15, 2023
3 Min Read
Share

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.

Share This Article
Facebook Whatsapp Whatsapp Email Copy Link Print

MORE NEWS

Official Reopening of the Ministry of Foreign Affairs Archives

CultureEducationLocal News
November 23, 2024

Kenya’s small farmers find respite in avocados amid changing climate

NAIROBI(SONNA) As crop diseases and pests rise in Kenya amid a rapidly changing climate that…

March 11, 2023

Somali Security Forces Seize 189 Cartons of Illicit Drugs at Aden Adde Airport

Mogadishu, Somalia – A major operation involving the Office of the Attorney General and various…

August 7, 2025

Nimcaan Hilaac appointed to lead Waberi National Band

Mogadishu (SONNA)-Minister of Information, Culture and Tourism of the Federal Republic of Somalia, H.E. Mohamed…

March 3, 2020

YOU MAY ALSO LIKE

President Hassan delivers keynote speech at the United Nations Food Systems Summit Stocktake (UNFSS+4)

Addis Ababa, Ethiopia | 28–29 July 2025 Your Excellency Dr. Abiy Ahmed, Prime Minister of the Federal Democratic Republic of…

Local News
July 29, 2025

Somali President Hassan Sheikh Mohamud Visits Bayraktar Technology Center in Turkey

Ankara, Turkey – On July 17, 2025, the President of the Federal Republic of Somalia, Dr. Hassan Sheikh Mohamud, visited…

Local News
July 18, 2025

Somali Government names new Auditor General

Mogadishu(SONNA)-The Federal Government of Somalia on Thursday named Ahmed Isse Gutale as new Auditor General, replacing Mohamed Ali Afgoi during…

Local News
February 9, 2023

National Army kills 6 terrorist militants in Guriel town

Mogadishu(SONNA)-Somali National Army killed 6 terrorist militant members of Al-Shabaab and thwarted suicide car bomb attack at an army base…

Local News
July 25, 2023

Somali National News Agency established in 1964. It is one of the main pillars of the Ministry of Information, Culture, and Tourism.

  • Home
  • Local News
  • World News
  • Articles
  • Business
  • Sports
  • Tenders
  • SNTV
  • RADIO MOGADISHU
  • DALKA JOURNAL
  • TOURISM DEPARTMENT

Follow US: 

  • MoICT
  • VILLA SOMALIA
  • OPM SOMALIA

All rights reserved SONNA

©2023

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?