ABIDJAN, Ivory Coast(Mogadishu24)-The African Development Bank (AfDB) has approved a $6.6 million grant to bolster Somalia's financial institutions, enhancing the Federal Government's capacity to build a more inclusive and stable financial architecture.
The Somalia Financial Sector Development Project will focus on improving the efficiency of key financial entities, including the Central Bank of Somalia, Somalia Development and Reconstruction Bank, and the Financial Reporting Center (FRC).
The grant aims to improve credit delivery, strengthen anti-money laundering (AML) and counter-terrorism financing (CFT) measures, and provide targeted training to financial professionals.
These reforms will support private sector growth, improve governance, and promote financial inclusion, helping Somalia overcome its historical isolation from global financial networks.
"This intervention will enhance governance, accountability, skills, and technology development while fostering private sector growth through regulatory improvements,” said Ahmed Attout, Director of Financial Sector Development at AfDB. Strengthening Somalia’s financial systems is seen as crucial for stabilizing the country and the wider Horn of Africa region.
