UK and EU pay off Somalia's $122m arrears to AfDB

Arrears on loans owed by Somalia to the African Development Bank Group have been cleared after the United Kingdom and European Union paid the $122.55 million.

The move marks the end of sanctions and the resumption of full re-engagement between the bank group and the East African nation. The bank’s current portfolio in Somalia totals $135 million, covering operations in the agriculture, water and sanitation, transport, social and energy sectors, and capacity building for multiple sectors of the economy. 

The road to resolution of Somalia’s debt arrears began in 2014 and included the completion of three Staff Monitored Programs of the International Monetary Fund, and significant advances on a fourth program.