Saudi Arabia Announces Funding for Development Projects in Somalia

GOOBJOOG NEWS | MOGADISHU: Saudi Arabia has announced that it will fund major development projects in Somalia.

The announcement was made during a meeting in Mogadishu at the Ministry of Finance headquarters between Somalia’s Minister of Finance Bihi Iman Egeh and Sultan Abdulrahman Al-Marshad, Director General of the Saudi Fund for Development.

Discussion between the two sides focused on ongoing financial reforms implemented by the federal government of Somalia and the various ongoing development projects.

Minister Egeh said the initiatives align with the Somali government’s strategy to foster economic growth, improve public services, and create opportunities for its citizens.

“Somalia is creating an environment conducive to investment that will directly benefit our citizens. This agreement is a testament to our progress and ambition for a prosperous future,” Minister Bihi said.

The deal outlines Saudi Arabia’s commitment to funding essential projects, including drilling water wells and supporting rural communities.

The agreement supports Somalia’s development initiatives which include enhancing economic resilience and addressing critical infrastructure gaps.