Home » Somalia, Saudi ink deal to postpone of Debt Repayment Period

Somalia, Saudi ink deal to postpone of Debt Repayment Period

by CKG Editor

Somalia and Saudi Arabia have inked an agreement to allowing to restructure Somalia’s debt.

According to a statement by Somali finance ministry, the country’s finance minister Elmi Nur and Chief Executive Officer of Saudi Arabian Development Fund, Sultan Abdirahman Al-Marshad have signed the deal at a ceremony held in Jeddah town. The repayment period of the loan is delayed.

“The Minister of Finance of Somalia, Dr. Elmi Mohamud Noor, who is in Jeddah in the Kingdom of Saudi Arabia, had a fruitful meeting with the Director General of the Saudi Arabia Development Fund, Sultan Abdulrahman Al-Marshad, and other leaders of the Fund. Dr. Elmi Mohamud Noor and the General Manager of the Fund jointly signed an agreement to restructure Somalia’s debts with the Saudi Arabia Development Fund, which is one of Somalia’s credit institutions. This agreement stipulates that the repayment period of the debt will be delayed,” the ministry said in a statement.

The minister is participating in the annual meeting of the Islamic Development Bank in Jeddah.

The four-day meeting, entitled “Partnerships to Fend off Crises,” focused on the importance of collaboration in addressing challenges faced by the bank’s 57 member countries.

The event served as a platform for global leaders, policymakers, key stakeholders, and other influential figures to come together and discuss critical development issues.

During the meeting, member nations have presented relevant development projects and initiatives to strengthen partnerships and create valuable, lasting impacts.

The event also gave a chance to member countries to showcase their achievements and success stories, as well as strengthen trade relations and encourage investment.

The ISFD was established in 2007 as a special fund within the IDB to fight poverty and promote pro-poor economic growth.

Since its inception, the ISFD has approved $1.14 billion in loans and grants supporting 321 poverty alleviation projects, and 80 percent of ISFD’s project portfolio is provided for the least-developed member countries.

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