AfDB approves $6.6m grant to Somalia's Federal Government for financial sector enhancement.

The African Development Bank Group (AfDB) has authorized a $6.6 million grant to Somalia's Federal Government to enhance its financial sector. The Somalia Financial Sector Development Project will strengthen institutions like the Central Bank and the Financial Reporting Center to improve credit delivery and implement anti-money laundering measures. These reforms aim to foster financial inclusion, stability, and private investment, facilitating Somalia's integration into the global financial system.

September 16, 2024
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