Monday April 29, 2024
Nairobi (HOL) - Somali President Hassan Sheikh Mohamud arrived on Sunday in Nairobi, Kenya, to participate in the African Heads of State and World Bank Summit on Monday, April 29, 2024.
The conference, organized by the International Development Association (IDA) under the World Bank, will focus on the development and investment prospects of the African continent, as well as strategies to enhance it through major development projects.
Villa Somalia stated that President Mohamud will hold sideline meetings with other African leaders and officials from the International Development Association to expedite cooperation between Somalia and international financial institutions.
The President's visit coincides with the forgiveness of Somalia's long-term debt, giving the country an opportunity to attract investments and development projects.
In December 2023, the International Monetary Fund and the World Bank approved $4.5 billion in debt forgiveness for Somalia after completing years of financial reforms under the Heavily Indebted Poor Countries Initiative (HIPC). The initiative was launched in 1996 by the IMF and the World Bank to help the world's poorest countries achieve debt sustainability.