By Ali S. Yusuf The latest update on Somalia’s economy issued by the World Bank on Monday, September 9th, 2019, highlights impressive figures posted by the Horn of Africa nation with growth projected to rise in the coming years. According to the Bank, “Somalia’s economy is expected to grow by 2.9% this year, from 2.8%...
By Fatheya Yallas In this era of economic codependency having access to international markets is imperative, as emerging democracies such as Somalia and South Sudan find ways to return to international regulatory system an effective monetary policy plays a vital role. Out of the ashes of civil war a failed state has to reconcile differences...
SEOUL, Republic of Korea- Sunhak Peace Prize Laureate Akinwumi Adesina has pledged to do more to advance Africa’s fight against hunger, poverty and youth underemployment. The President of the African Development Bank, and co-Laureate Waris Dirie, a global champion against Female Genital Mutilation, shared the prestigious US $1million dollar prize at an award ceremony held...
ADDIS ABABA, Jan.16 (Xinhua) — The Ethiopian Roads Authority (ERA) on Wednesday signed a road construction agreement worth about 33 million U.S. dollars with Chinese firm Sinohydro Corporation. In a press statement, ERA said Sinohydro Corporation is expected to upgrade the 80.5 km Gedo-Menabegna gravel road to asphalt concrete level. “The financing for the asphalt...
ABIDJAN, Ivory Coast, — The details of the “Desert to Power Initiative” have been outlined as part of the Paris Agreement climate change talks at COP24 in Katowice, Poland this week. Energy poverty in Africa is estimated to cost the continent 2-4 % GDP annually, according to the African Development Bank (AfDB) which is leading...
By Abdi Dagal Faahiye This article is part one of a series on corruption and misappropriation of public funds within the Ministry of Finance, Federal Government of Somalia. In Somali politics, corruption is the name of the game. To understand this, one shouldn’t look far than the norms at play in public institutions. Its culture seems...
ABIDJAN, Ivory Coast, — The Board of Directors of the African Development Bank Group has approved the Bank’s Policy on Non-sovereign Operations (NSO). The document provides the framework within which the Bank through its private sector lending window may provide financing or investment without sovereign guarantees to private and public entities that meet specific eligibility...
By Missy Ryang the Pentagon, Anne Gearan and Karen DeYoung The Trump administration has ordered the closure of the Palestine Liberation Organization office in Washington because the PLO “has not taken steps to advance the start of direct and meaningful negotiations with Israel,” the State Department said Monday. The decision follows an extended period of estrangement between the Palestinian...
by: Bob Koigi The 895-km highway corridor linking Kenya and Ethiopia has not only eased cross-border traffic between the two countries, but is a major push for economic integration within Africa, resulting in jobs and improved livelihoods across the Horn region. In 2006, the project was still on the drawing board. Ten years later, construction...
The African Development Bank has launched the Say No to Famine – Short-Term Regional Emergency Response Project, STRERP, for Somalia. As a response to food security, the Bank has supported the people of Somalia, mobilizing approximately $34 million, from both the Transition Support Facility of the African Development Fund and the regional envelope. The STRERP...