In the framework of enhancing economic cooperation between Somalia and the United Arab Emirates, the Government of Somalia and the Abu Dhabi Fund for Development announced that they had reached a formal agreement to settle a debt amounting to 257 million US dollars, which was used to finance the Juba Sugar Factory project.
The agreement was signed by the Minister of Finance, His Excellency Bihi Iman Aghi, and the Director General of the Abu Dhabi Fund for Development, Mohammed Saif Al Suwaidi, in an official ceremony that took place on February 11, 2025, in Dubai.
According to the Somali National News Agency, the agreement opens the way for further cooperation between the two parties in the areas of economic development and infrastructure in Somalia, and confirms the commitment of the Abu Dhabi Fund for Development to support development projects in the country.
This agreement comes at a time when the Somali government is working to attract more international investments and strengthen the country's economic structure after canceling foreign debts.
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