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Tag: World Bank
World Bank appoints new country director for Somalia, other East African countries
Chinese national Qimiao Fan has been appointed the World Bank's new Country Director for Kenya, Uganda, Somalia, and Rwanda. His appointment took effect on September 1, 2024. Fan, a veteran development expert with over 35 years of experience, will oversee the World Bank's support program across the four East African…
Somalia receives $4.5 billion debt relief from IMF and World Bank under HIPC initiative
The International Monetary Fund (IMF) and the World Bank's International Development Association (IDA) have approved a major debt relief package for Somalia under the Heavily Indebted Poor Countries (HIPC) Initiative. The relief amounting to US$4.5 billion marks a significant turnaround for the nation's economy, drastically reducing Somalia's external debt from…
Somalia nears major debt relief milestone as World Bank reviews development progress
The World Bank and the Somali government held a two-day Country Portfolio Performance Review (CPPR) this week to evaluate progress on development projects. The meeting took place as Somalia approaches the Highly Indebted Poor Countries (HIPC) Completion Point, which is a significant milestone that will unlock new financing opportunities for…