Somalia, Islamic Development Bank sign $45 million cooperation framework

Sunday June 21, 2026

Baku, Azerbaijan (HOL) — Somalia and the Islamic Development Bank Group signed a three-year cooperation framework Friday to guide $45 million in development financing for Somalia from 2026 to 2028.

The Country Engagement Framework was signed in Baku by Somali Finance Minister Bihi Iman Egeh and Islamic Development Bank President Dr. Muhammad Al Jasser.

The agreement sets out a strategic roadmap for development financing cooperation between the Federal Government of Somalia and the Islamic Development Bank Group over the next three years.

Officials said the framework is aligned with Somalia’s development priorities and economic growth plans.

The financing will focus on two main areas. The first is economic infrastructure, particularly energy and agriculture, with the aim of increasing productivity, accelerating growth and reducing poverty.

The second is human capacity development, including investments in health services, vocational training and skills development, especially for women and youth.

Egeh said the agreement would strengthen cooperation between Somalia and the Islamic Development Bank and create new opportunities to finance projects that improve the lives of Somali people.

The agreement comes as Somalia seeks to attract international investment and deepen development partnerships to support economic reconstruction after years of conflict and instability.