
Wednesday January 15, 2025

Somalia’s Minister of Finance, Bihi Iman Egeh, and Sultan Abdulrahman Al-Marshad, Director General of the Saudi Fund for Development, sign a landmark agreement in Mogadishu to fund key development projects, with officials from both nations witnessing the ceremony.
Mogadishu (HOL) — Somalia and Saudi Arabia have entered an agreement to advance development initiatives funded by Saudi Arabia.
The agreement was signed in Mogadishu at the Ministry of Finance headquarters by Somalia’s Minister of Finance, Bihi Iman Egeh, and Sultan Abdulrahman Al-Marshad, Director General of the Saudi Fund for Development.
Sultan Al-Marshad led a Saudi delegation to Mogadishu to explore potential areas for investment and development. The delegation’s visit highlights Saudi Arabia’s interest in supporting Somalia’s recovery and economic growth, particularly in critical sectors like water, rural development, and infrastructure.
The discussions between Minister Bihi and Sultan Al-Marshad centred on Somalia’s ongoing financial reforms, which have made notable progress, and the prioritization of impactful development projects. These 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,” Minister Bihi said during the ceremony. “This agreement is a testament to our progress and ambition for a prosperous future.”
Key stakeholders, including Somalia’s Minister of Energy and Water, officials from the Development and Reconstruction Bank, and the ambassadors of both nations, attended the signing ceremony. The memorandum of understanding outlines Saudi Arabia’s commitment to funding essential projects, including drilling water wells and supporting rural communities.
The agreement supports Somalia’s stated development objectives, which include enhancing economic resilience and addressing critical infrastructure gaps.