São Paulo – The African Development Bank Group (AFDB) announced earlier this week an additional debt relief for Somalia and the approval of a grant from its fund to the country, totaling USD 19.7 million, the AFDB reported.
The debt relief, granted through the African Development Fund (ADF), which is also providing the financial grant, paves the way for the full cancellation of Somalia’s loans with the fund, covering the repayment period from 2024 to 2039, according to the bank’s information.
The AFDB says the debt relief follows the successful completion of the enhanced initiative for the Heavily Indebted Poor Countries (HIPC), a program implemented with the World Bank to reduce unsustainable debt burdens in…