Saudi Arabia has entered a significant partnership aimed at bolstering Somalia’s economic recovery efforts. Saudi Finance Minister Mohammed al-Jadaan, alongside his Somalian counterpart Bihi Egeh and OPEC Fund president Abdulhamid al-Khalifa, formalized the agreement during the OPEC Fund Development Forum and Ministerial Meeting held in Vienna.
The agreement comes amidst Somalia’s ongoing challenges, including efforts to combat violence led by the al-Qaeda-linked al-Shabaab group and local conflicts over land and water resources. International support, both financial and through peacekeeping efforts, continues to be crucial in stabilizing the Horn of Africa nation.
Saudi Arabia’s commitment aligns with global initiatives such as the International Monetary Fund and World Bank’s Heavily Indebted Poor Countries (HIPC) initiative, aimed at preventing unsustainable debt burdens in impoverished nations.
Addressing attendees, Minister al-Jadaan underscored the importance of national efforts in achieving sustained economic development in low-income countries. He highlighted Saudi Arabia’s own initiatives under the ambitious Saudi Vision 2030, focusing on economic diversification through labor market reforms, expanded educational opportunities for youth, and enhanced support for private sector growth, particularly small and medium-sized enterprises.
In a separate event, Minister al-Jadaan participated in the inauguration of the OPEC Fund’s expanded headquarters in Vienna, emphasizing the institution’s role in fostering cooperation and development among member-states since its establishment in 1976.
The annual Vienna forum, which convenes global leaders and stakeholders, centers on critical issues such as food security, energy access, clean water, healthcare, and education, reflecting the international community’s shared commitment to sustainable development goals.
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