Somalia, AfDB Ink $18 Million Climate Disaster Risk Financing Agreement

GOOBJOOG NEWS | NAIROBI: Somalia has signed an agreement for an over $18 million Multinational Climate Disaster Risk Financing Project with the African Development Bank Group aimed at enhancing climate resilience.

The agreement marks a crucial development in Somalia’s efforts to support its most affected communities and strengthen their resilience to climate-related disasters.

Commenting after the signing ceremony with AfDB Vice President Dr. Beth, federal government of Somalia’s finance minister Bihi Egeh stated that the agreement will greatly support Somalia in mobilizing finances to address climate related issues.

“It was an honour to sign the over $18 million Multinational Climate Disaster Risk Financing Project agreement with the @AfDB_Group today. This is crucial and will support Somalia’s climate resilience and most affected communities. Mobilizing Climate finance is a key priority,” Minister Egeh posted his official X account.

Through the agreement, the two sides aim to provide a robust financial mechanism to support immediate response efforts and long-term resilience-building initiatives.

The funds will be directed to fund crucial sectors such as enhancing community preparedness, and building infrastructure that can withstand extreme weather events so as to reduce the vulnerability of Somali communities in climate related disasters.

The African Development Bank has greatly strengthened its cooperation and support to the Government of Somalia, since the country achieved milestones in financial reform and economic transparency.