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World Bank Predicts Surging GDP Growth for Somalia and Ethiopia

Somalia and Ethiopia Forecasted for Robust GDP Growth, Says World Bank MOGADISHU, Somalia - The World Bank anticipates that Somalia and Ethiopia, despite being low-income territories, will see impressive GDP gains and potentially stand out in Africa. The June assessment predicts Somalia's GDP at 3.7 percent, up from last year's 3.1 percent. Ethiopia could clock in at 7 percent. These figures shine brightly across the…

World Bank Forecasts Robust GDP Surge for Somalia and Ethiopia This Year

Ethiopia's growth rate clocked in at 7.0%, a slight dip of 0.2 points from last year's data. In comparison to January's review, the forecast has lifted by 0.2 and 0.6 percent, signaling brighter economic skies for the first and second quarters of this year. Somalia's growth is pegged to firm up at 3.9 percent next year, while Ethiopia's rate is expected to stay at 7.0. Broadly speaking, economic expansion in low-income countries (LICs) hit the brakes last year, slowing to about 3.8 percent. However, the lender predicts a…

African Development Bank Provides $18 Million to Support Somalia’s Climate Change Resilience Efforts

In Nairobi, during the African Development Bank's yearly gathering, Somalia's Finance Minister, Bihi Iman Egeh, and the bank's Vice President, Dr. Beth Dunford, inked an agreement. Egeh stressed the significance of the funding, highlighting its crucial role in combatting the nation's frequent droughts. "We are thrilled to have secured $18 million from the African Development Bank. The overall budget for this initiative is $35 million. Somalia has already received over half of the funds, which will be utilized to address…

World Bank Grants Kenya $130 Billion to Establish Vaccines Production Facility

Health Cabinet Susan Nakhumicha and Medical Services Principal Secretary Harry Kimtai launched the Health Emergency Preparedness, Response, and Resilience Programme for Eastern and Southern Africa on May 15, 2024, in Nairobi. The World Bank will invest $1 billion (approximately Sh130 billion) to support Kenya and seven other African countries with emergency projects and launching human vaccine production in Kenya by 2027. Kenya is building infrastructure at the Biovax Institute in Nairobi's Industrial Area. Kimtai…

Somali Leader Touches Down in Nairobi for Premier Summit with African Leaders and World Bank Officials

On a bright Sunday, Nairobi, Kenya, became the landing spot for Somalia's President Hassan Sheikh Mohamud. He aimed to dive into discussions at the African Sovereigns and World Bank Assembly scheduled for Monday, April 29, 2024. This gathering, masterminded by the International Development Association (a branch of the World Bank), promises to shine a spotlight on Africa's economic trajectory. It will dissect avenues for development, bolstered by weighty developmental enterprises. Villa Somalia disclosed that President…

The leader of Somalia has arrived in the Kenyan capital of Nairobi to attend a summit with other African heads of state and representatives…

Somali President Hassan Sheikh Mohamud has arrived in Nairobi, Kenya for the African Heads of State and World Bank Summit on April 29, 2024. Hosted by the International Development Association (IDA) of the World Bank, the summit will focus on African development and investment opportunities, along with strategies to boost them through major projects. Villa Somalia announced that President Mohamud will engage in sideline meetings with African leaders and IDA officials to enhance cooperation between Somalia and…

Salaam Bank Uganda recognized as top new Islamic financial institution at IFN Global awards

Salaam Bank Uganda has received the prestigious title of Best New Islamic Bank at the IFN Global Awards 2024. This honor recognizes the bank's commitment to providing innovative and customer-centric Shariah-compliant financial services. Additionally, it acknowledges the bank's substantial contributions to the growth of Islamic finance in Uganda. The award ceremony took place in Dubai on April 25, where Salaam Bank Uganda's Chairman and CEO accepted the accolades. Mr. Ibrahim M. Abdirahman expressed gratitude for the…

Salaam Somali Bank Provides Micro Credit to Small Businesses in Mogadishu

Salaam Somali Bank Provides Micro Credit to Small Businesses in Mogadishu MOGADISHU, Somalia - The Salaam Somali Bank, which is a leading private bank in Somalia, continues to contribute to the country's economic growth by providing free microfinance funds to develop small businesses. On Thursday August 19, 2021, the Bank's branch in the Bakaro market provided microfinance funds called “Qardu…

World Bank approves USD 100 million for well being companies in Somalia

World Bank approves USD 100 million for health services in Somalia MOGADISHU, Somalia -- The World Bank announced Thursday that it has approved a total of US $ 100 million to help improve health services in Somalia. The project, the World Bank's 30-year investment in Somalia's health sector, which aims to improve health services is funded by a $ 75 million grant from International Development…

Salaam Somali Financial institution provides free microfinance to small companies

Salaam Somali Bank offers free microfinance to small businesses MOGADISHU, Somalia - The Salaam Somali Bank (SSB) provided free microfinance to small businesses in the country's capital as part of the annual Grand Pleasure program designed to boost culture and rival economy. On Monday July 5, the Bank's branch at Km-5 in Mogadishu offered free microfinance to resident traders, including women,…

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