Anthony Nwakaegho/NaijaAgroNet
The
government of Djibouti and the Saudi
Fund for Development has signed a $5 million, about N807 million loan agreement
to support Djibouti’s economic development.
According
to the statement from the Saudi government sighted by NaijaAgroNet loan is to support
Djibouti in its Small and Medium Enterprises (SMEs) and create 2,400 jobs for
graduates.
The signing
of the agreement was done by the Djibouti Minister of Economy and Industrial
Finance, Ilyas Moussa, who signed on behalf of his country, while Yousef Bin
Ibrahim al-Bassam signed for the Saudi Fund for Development.
According
to the statement, a large proportion of the funds would be allocated to support
women in the areas of agriculture, fishing and transport.
The
Saudi Fund for Development NaijaAgroNet
learnt is a Saudi government agency established by a royal decree in 1974,
began operations in 1975 to channel bilateral aid to developing countries,
primarily through grants and soft loans.
President Ismail Omar, in the statement also
said that the government main concern through the provision of the loans and
grants is to drastically reduce unemployment among the women, youths, including
the construction and rehabilitation of hospitals and health clinics, expansion
of water and sanitation services
The
statement also revealed that the Saudi fund has offered export credit and
insurance amenities for non-crude oil national exports in Africa, to promote
domestic economic diversification that contributes to development within recipient
countries.
*With additional report from NAN
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