Somalia, Germany Ink new Development Pact

GOOBJOOG NEWS: Somalia and Germany signed a €17.7 million deal that will boost the capacity of Somali banks and support the development of various sectors such as agriculture, livestock, fishing, education, health and tourism.

The project, which is a collaboration between the Somali government’s Aid Agency and the German Development Bank (KWF) aims to improve the economy of vulnerable communities in Somalia.

Aid Agency’s chairman Suleiman Abdil Duale said the project will enhance the capacity of the vulnerable communities to invest and own businesses that can improve their living standards.

National Statistics Agency Director General Sharmake Mohamed expressed his honor to participate in the project 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 saying that the project will help revive the country’s economic institutions.