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Somalia settles outstanding $36 million arrears with OPEC Fund

VIENNA (SD)-The Federal Minister of Finance of Somalia, Bihi Iman Egeh, currently in Vienna, Austria, signed an important agreement with the Director-General of the OPEC Fund for International Development, Dr. Abdelhamid Al-Khalifa.

The signing was witnessed by Dr. Mohammed Al-Jadan, Saudi Arabia’s Minister of Finance, who supported Somalia with a $36 million bridge loan to cover its debt to the OPEC Fund.

The Saudi government facilitated the agreement between the Federal Government of Somalia and the OPEC Fund, which played a crucial role in the negotiations and resolution of the longstanding debt issue that Somalia had with the OPEC Fund.

This agreement, reached today in Vienna, marks a new milestone for Somalia, allowing the country to participate in future grants and development projects offered by the OPEC Fund, similar to other African developing countries.

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