development

Picture this: a sun-drenched morning in Somalia, a land of resplendent landscapes and cultural riches, where the air buzzes with a spirit of renewal and hope. Against this vibrant backdrop, a meeting unfolded that could very well shape the country’s future like the brushstrokes on a canvas. On Wednesday, Somali Prime Minister Hamza Abdi Barre sat down with Sultan Abdulrahman Al-Marshad, the dynamic Chief Executive of the Saudi Fund for Development (SFD). Their rendezvous was not just a gathering of formal belts and ties but…

Mogadishu (AX) — In a promising stride for Somalia, the nation has forged a significant partnership with Saudi Arabia to turbocharge development initiatives, courtesy of Saudi funding. This pact, inked at the heart of Mogadishu in the Ministry of Finance’s stately headquarters, saw Somalia’s Minister of Finance, Bihi Iman Egeh, and the Saudi Fund for Development’s helmsman, Sultan Abdulrahman Al-Marshad, sign on the dotted line with palpable enthusiasm. The significance of this occasion was underscored by Sultan Al-Marshad…

In a bold move towards sustainability, Somalia has officially thrown its hat into the Global Green Growth Institute (GGGI) ring. This step marks a significant chapter in the nation's quest to build a greener economy and shield its environment, gearing up to tackle and adapt to the challenges posed by climate change. According to Khadija Al Makhzoumi, the Minister of Environment for Somalia, the decision to unite with GGGI isn't just a small leap—it's a substantial stride in the right direction. As quoted by the Somali…

Let's dive into the latest from the Kenya Medical Research Institute, affectionately known as KEMRI, who is cooking up a storm with a fresh partnership. They're joining forces with Tonix Pharmaceuticals, an innovative biopharma outfit from across the pond in the U.S., to dish out a clinical trial for a brand-new mpox vaccine. Talk about global collaborations shaking things up! On a rather somber note, picture this: a beleaguered patient battling mpox is tended to in a hospital nestled on the periphery of Goma, North Kivu…

Alparslan Bayraktar, Türkiye's Energy Minister, shared his thoughts on the nation’s significant oil and gas exploration ventures in Somalia. He labeled the efforts as transformative and hinted that global corporations might want to jump on board with these ventures moving forward. Recently, the Turkish research vessel, Oruç Reis, made its way to Somalia. It's geared up to conduct in-depth seismic explorations to uncover potential reserves of oil and natural gas. During the vessel's reception at the bustling Port of…

Mogadishu (AX) – On Tuesday, the Somali government inked a landmark $68.5 million Development Assistance Grant Agreement with the United States. This move is a big leap forward in pushing socio-economic progress throughout the nation.In a solemn ceremony held in Mogadishu, the deal was signed by Somali Minister of Planning, Investment, and Economic Development, Mohamud Abdirahman Sheikh Farah (Beene-Beene), Finance Minister Bihi Iman Egeh, and USAID Somalia Mission Director Catie Lott.Focused on bolstering economic growth,…

BGS 2024 Forum: Unpacking Fintech's Role in Somalia's Economic Landscape MOGADISHU, Somalia - The annual Somalia’s Success Stories, organized by Hormuud, a leading telecommunications giant in the country, is all set to unfold on October 16, 2024, at the Sahal venue in Mogadishu. Next month, we'll witness the third edition of this influential forum. Previously, the BGS forum provided a deep dive into Somalia's economic fabric, shedding light on both the growth potentials and the formidable challenges facing the nation. It…

Galkacyo (AX) — Ahmed Abdi Kariye and Said Abdullahi Deni, the head honchos of Galmudug and Northeastern State, steered a consequential powwow at the Presidential Palace in Galkayo on Friday night. Officials from both regions gathered for this shindig, where they zeroed in on bolstering ties in vital sectors like security, commerce, peace, and growth. During this huddle, the two sides took a stroll down memory lane, contemplating their existing teamwork compact. They talked shop on milestones, roadblocks, and fresh avenues…

Baidoa (AX) — On Wednesday, Somali Prime Minister Hamse Abdi Barre led a delegation to Baidoa to engage in discussions aimed at bolstering federal-state relations with Southwest regional leaders. The Prime Minister and his team were received at the airport by Southwest state leader Abdiasis Hassan Mohamed Laftagareen and several members of his administration. "Prime Minister Barre’s visit is a concerted effort to fortify collaboration between the Federal Government of Somalia and the Southwest state. The focus will be on…

China Commits $51 Billion to Africa: A Pledge for Jobs, Infrastructure, and Sustainable Energy In a significant address to representatives from over fifty African nations, Xi Jinping declared, "We have built roads, railways, schools, and hospitals together, transforming countless lives." This statement underscores China's determination to forge a "shared future" with Africa while advancing development across the Global South. Chinese state media reports that the colossal $51 billion commitment includes about $29.6 billion…