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As Hurricane Milton approaches, it has diminished slightly but remains a formidable Category 4 storm, posing a serious threat to Mexico’s Yucatan Peninsula on its trajectory toward Florida. In response to the storm’s path, authorities have ordered the evacuation of over a million residents in its anticipated wake. The US National Hurricane Center (NHC) noted, “Milton is expected to maintain its dangerous status as it nears Florida’s shores.” The densely populated west coast of Florida, still recovering from the devastating…

NAIROBI, Oct. 7 (Xinhua) -- Over one million folks in Kenya are grappling with food woes, desperately needing aid, as revealed by the National Drought Management Authority (NDMA) this past Monday. According to NDMA’s latest insights shared from Nairobi, the predicament stretches across 23 out of the 47 counties, earmarked as either parched or partly parched lands. The body highlighted a silver lining: kiddos aged six to 59 months facing severe hunger dipped to 760,488 by August, a decline from February's staggering…

EU Allocates $9 Million to Bolster Somalia’s Budget The European Union (EU) has committed $9 million to aid Somalia’s federal budget. This cash injection aims to address shortfalls encountered during budget drafting. According to an EU statement, the funding comes in recognition of Somalia’s strides in economic stabilization and financial reform, leading to improved service delivery. The EU emphasizes that this contribution is part of the State and Resilience Building Contract (SRBC), which seeks to enhance the Somali…

Mogadishu (AX) — The European Union (EU) has committed €9 million to Somalia's Federal Government (FGS) for advancing governance reforms. This funding, part of the EU's Somalia State and Resilience Building Contract (SRBC II), aims to boost public financial management and spearhead economic growth. The allocation will aid Somalia in bolstering domestic revenue collection, fortifying fiscal federalism, and enhancing social services, including public education through initiatives such as the National Teacher's Initiative.…

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,…

Kenya's telecom titan, Safaricom (SCOM.NR), shared on Tuesday that it secured 15 billion shillings (around $116.73 million) from the second round of a sustainability-oriented loan procured from a coalition of local banks. This telecom heavyweight, partially owned by South Africa's Vodacom (VODJ.J) and Britain's Vodafone (VOD.L), initiated this green loan project last year, netting a comparable sum in its initial phase. The fresh funding will be funneled into various eco-friendly initiatives, notably transforming its…

Construction of $215M Road Linking Somalia and Ethiopia Faces Delays Over Security Issues NAIROBI, Kenya - Engineers in Kenya have hit the brakes on the construction of a major road intended to bolster connections between Kenya, Somalia, and Ethiopia due to escalating insecurity in the northeastern region. A spike in Al-Shabaab attacks is largely to blame. This 740-kilometer stretch of road aims to enhance regional socio-economic activities, particularly significant as Somalia recently joined the East African Community…

D'you hear the news? Djibouti City (AX) — The World Bank is coughing up another $90 million to beef up the Djibouti Regional Economic Corridor, a massive infrastructure project intended to improve regional connectivity and trade throughout the Horn of Africa.This fresh capital injection totals the project's financing to a hefty $160 million, building on an initial $70 million greenlighted back in December 2021.The coin will go toward revamping and maintaining three segments of the Djibouti-Addis Southern Corridor, a vital…

The African Development Bank Group (AfDB) has greenlit a $6.6 million grant to assist Somalia’s Federal Government (FGS) in bolstering state capacity, aiming to construct a robust financial framework to foster inclusive and fair growth. The Somalia Financial Sector Development Project is set to hone the capabilities of financial entities, such as the Central Bank of Somalia, the Somalia Development and Reconstruction Bank, and the Financial Reporting Center (FRC). The project focuses on efficient credit delivery,…

ISIS Somalia Branch Bolsters Operations with Gold Sales, Reeling in Up to $6 Million AXADLE, Somalia — Nestled in the rugged northeastern Bari region, the Islamic State's Somalia faction has found a lucrative gig — hawking locally mined gold, according to various accounts. Since 2022, these golden ventures have lined the group's coffers to the tune of an estimated $6 million, the International Crisis Group reports. The gold trade orchestrated by ISIS-Somalia shines a light on not just their economic maneuvers but also their…