Djibouti Gets $9M finance package Dispite 42% living in extreme poverty
The economy of Djibouti is derived in large part from its strategic location on the Red Sea. Djibouti is mostly barren, with little development in the agricultural and industrial sectors. The country has a harsh climate, a largely unskilled labour force, and limited natural resources.
Riyadh – Mubasher: The Saudi Fund for Development (SFD) signed a $9 million agreement to fund the design and construction of a water distribution network, a judicial courthouse and infrastructure projects in Djibouti.
SFD Vice-Chairman, Khaled Al Khudairy signed the agreement with Elias Moussa Douala, Minister of Economy and Finance, in the presence Djibouti’s Prime Minister Abdoulkader Kamil Mohamed and other government officials.
Al Khudairy led the fund’s delegation in a visit to Djibouti, according to a press release issued on Sunday.
“The SFD and government of Djibouti have a long history of working together to positively alter the social and economic landscape of this country. Over the decades, the SFD’s funding has supported numerous infrastructure projects throughout the country, from developing the education sector to expanding transportation and communication capabilities. We hope the new projects will ensure that the people of Djibouti are given the opportunities to not only better their futures, but their communities’ futures too,” Al Khudairy noted.
Beside infrastructure projects, SFD is also supporting social development programs in Djibouti, including the Djibouti Social Fund in support of Small to Medium Enterprise (SME) incubation, as well as building a number of multi-use sports fields throughout the country.
SFD has contributed to a total of 17 development projects in Djibouti, such as the rehabilitation of major roads, the airport, and partial financing of the soon to be completed Tajura Port, which will provide an important gateway into the Horn of Africa.