DUBAI (SD) A long-standing debt issue has been officially resolved today, on February 11, 2025, between the Somali government and the Abu Dhabi Development Fund.

The agreement settled a debt of $257 million, which the Somali Federal Government had incurred to finance the Jubba Sugar Factory project.

The agreement was jointly signed by the Somali Minister of Finance, Mr. Bihi Iman Egeh, and the Director-General of the Abu Dhabi Development Fund, Mr. Mohamed Saif Al-Suwaidi.

This agreement paves the way for the fund to re-engage in supporting development projects in Somalia and to secure new financing for the country’s economic infrastructure, which is in great need of investment.

The Somali government has been making significant efforts in recent years to secure funding and economic development for the country following the global debt relief it received.