Sunday June 21, 2026
Baku, Azerbaijan (AX) — Somalia and the Islamic Development Bank Group on Friday agreed on a new three-year framework that will steer $45 million in development financing for the country between 2026 and 2028.
Somali Finance Minister Bihi Iman Egeh and Islamic Development Bank President Dr. Muhammad Al Jasser signed the Country Engagement Framework in Baku, setting out a roadmap for cooperation on development funding over the next three years.
The agreement lays out a strategic plan for development financing between the Federal Government of Somalia and the Islamic Development Bank Group during that period.
Officials said the framework reflects Somalia’s development priorities and broader economic growth agenda.
The money will be directed to two key sectors. One is economic infrastructure, with a particular emphasis on energy and agriculture, in an effort to raise productivity, speed up growth and help reduce poverty.
The other is human capacity development, including support for health services, vocational training and skills-building, with women and youth identified as major beneficiaries.
Egeh said the deal would deepen cooperation between Somalia and the Islamic Development Bank while opening fresh avenues to finance projects aimed at improving the lives of Somali citizens.
The signing comes as Somalia continues to court international investment and expand development partnerships as part of its effort to rebuild an economy shaped by years of conflict and instability.
