Dubai, (SONNA) – An agreement was reached between the Government of Somalia and the Abu Dhabi Development Fund (ADFD) to settle a debt of $257 million related to the Juba Sugar Factory project.
The official signing was conducted by Somalia’s Minister of Finance, Hon. Bihi Iman Igeh, and Mr. Mohamed Saif Al-Suwaidi, Director General of the ADFD. This accord not only clears the outstanding debt but also sets the stage for future developmental collaborations in Somalia aimed at economic revitalization.
On his X platform, Minister Bihi Iman Igeh stated, “We have agreed to settle 944.8 million AED ($257.3 million) with the Abu Dhabi Development Fund at the World Government Summit in Dubai, marking a significant step towards economic recovery for Somalia.”
This agreement is a testament to Somalia’s ongoing efforts to stabilize and grow its economy following international debt relief initiatives, focusing on key areas like poverty alleviation and infrastructure development.
