(13-04-23) MOGADISHU – The governments of Somalia and Germany have signed a financial agreement worth 19 million US dollars aimed at fostering the recovery of economic resources and businesses in Somalia. The signing took place today in Mogadishu between Gargara, a branch of the Somali Ministry of Finance that supports business and banking, and the German Development Bank (KFW).
The agreement, which has been in the works for nearly two years, will focus on various sectors of Somalia’s economy, including agriculture, livestock, fisheries, energy, tourism, health, education, and youth development. The investment aims to strengthen these sectors and create a more resilient economy for the country.
The signing ceremony was attended by high-ranking officials from both countries, including the Director Generals of the ministries involved, Chiefs of Gargaara, Heads of Somali Banks, and representatives from the German Embassy in Somalia, such as the Head of Development and International Cooperation.
Suleiman Abdi Duale, the Chairman of the Gargaara Agency, expressed gratitude to the German government and its people for their support of the Somali community. He emphasized the significance of this assistance in helping Somalia move forward.
Allena Kern, the Head of Development and Cooperation of the German Embassy in Somalia, expressed confidence in Gargara’s ability to support private businesses in the country. She pledged Germany’s ongoing commitment to the initiative.
Germany has been a key ally of Somalia, providing support in various fields, including aid, development, business technology, health, education, and security. This latest agreement further solidifies the strong partnership between the two nations and promises to bolster economic recovery in the region.