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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…

ISIS Militants Rake in $6 Million Through Extortion in Somalia NAIROBI, Kenya - The relatively small yet menacing ISIS faction in Somalia has reportedly gathered nearly $6 million over the past couple of years, as highlighted in a recent report by the International Crisis Group (ICG). The report also points to the group’s ambitious endeavors to broaden its control. Currently active in Northeastern State’s Bari region, the ISIS-linked faction comprises around 500 combatants, including several foreigners. Their…

Family on trial for transferring $13 million to Al-Shabaab militants in Somalia MOGADISHU, Somalia - A family has been dragged before a Mogadishu court for allegedly transferring nearly $13 million to members of the Al-Shabaab group, in a dramatic revelation that, if confirmed, would see them jailed for several years. The family of three close relatives and an ex-wife…

Somalia: Cabinet Approved $206 Million Budget Amid Ongoing Elections MOGADISHU, Somalia - Somalia's federal authorities cupboard underneath Prime Minister Mohamed Hussein Roble has accepted a finances to cowl the nation's bills over the following three months amid ongoing elections within the nation. The provisional finances of 206 million {dollars} is supposed to preserve this authorities…

Seven million folks in northern Ethiopia want pressing assist: UN ADDIS ABABA - The head of the World Health Organization (WHO) stated on Thursday that 7 million folks within the Tigray area of northern Ethiopia wanted pressing assist. "For more than a year, a de facto blockade has deprived 7 million people in Tigray of urgently needed healthcare and access to food. People are dying," stated the…