Jeddah(SONNA)-7th March 2024– In a significant move towards bolstering economic and development cooperation, H.E. Owais Haji Yusuf Ahmed, the Somali Ambassador to the Kingdom of Saudi Arabia (KSA), visited the headquarters of the Islamic Development Bank (IsDB) in Jeddah. The ambassador met with H.E. Dr. Muhammad Al Jasser, President of the IsDB, to discuss avenues for enhanced collaboration and support for Somalia’s development journey.
During the meeting, both dignitaries exchanged views on various aspects of the development partnership between Somalia and the IsDB. H.E. Dr. Muhammad Al Jasser highlighted the importance of Somalia as a country with vast natural resources and significant potential for growth and development. He reaffirmed the IsDB’s commitment to assisting Somalia in overcoming its challenges. Emphasizing the importance of project completion, Dr. Al Jasser mentioned that it ensures the end users benefit from the expected outcomes, underlining the need for unity, stability, and a positive environment for private investors in Somalia.
H.E. Owais Haji Yusuf Ahmed expressed gratitude for the IsDB’s continuous support, especially during periods of crisis, highlighting the bank’s role in Somalia’s developmental strides. “Somalia, now engaging in the post-HIPC Program, is focusing more on resilience programs. We count on the IsDB’s support in this new phase,” he mentioned. The ambassador also touched upon the vibrancy of the Somali private sector, supported significantly by the diaspora, and the critical role of the youth, who make up 70% of the population. He underscored the government’s commitment to developing Small and Medium-sized Enterprises (SMEs) to cater to this demographic.
Both parties agreed on the need for a cooperation framework based on the priorities set by the Government of Somalia, with a forward-looking approach to foster economic growth and stability. The meeting concluded with an anticipation of future visits and continued dialogue to strengthen the partnership between Somalia and the IsDB, paving the way for sustainable development and prosperity.
Somalia is a key member of the Islamic Development Bank, boasting a number of international Somali staff working across various departments such as Finance, Trade, Investment, Evaluation, Communications, Information Technology, Legal, and Compliance, among others. This diversity and inclusion highlight the strong bond and mutual commitment towards achieving shared goals of development and prosperity.
