President of the Republic of Somaliland Attends the Inauguration Ceremony of WADAAG Bank

The President of the Republic of Somaliland, H.E. Abdirahman Mohamed Abdillahi (Cirro), today attended the official opening ceremony of WADAAG Bank, which was officially launched in Hargeisa.

The grand inauguration event was well-organized and attended by senior government officials, leaders of national political parties, prominent business figures, heads of existing banks, intellectuals, diaspora members, civil society representatives, and other distinguished guests.

WADAAG Bank is set to become a modern financial institution that will play a vital role in boosting the country’s economy, easing access to banking services, and promoting domestic investment.

The core principles and objectives of WADAAG Bank can be summarized into three main points:

1. Unifying the financial potential of the people of Somaliland,
2. Strengthening local production,
3. Reducing poverty in the community.
   President Cirro congratulated the management and shareholders of WADAAG Bank for their effort and investment, noting that modern financial institutions are the backbone of economic progress, job creation, and the strengthening of both local and foreign investment.

During the event, key speeches were also delivered by:

• The Acting Chairman of WADAAG Bank,
• The Chairman of the Private Banks Association,
• The Chairman of the Somaliland Chamber of Commerce,
• The Deputy Governor of the Central Bank of Somaliland,
• Chairpersons of the WADDANI and KAAH political parties,
• The Ministers of Trade & Tourism, and Investment & Industry Development.

The President emphasized that banks are the backbone of a nation’s economy and contribute greatly to:

1. Economic growth and development of financial markets,
2. Promotion of investment (local and foreign),
3. Creation of employment opportunities for youth,
4. Enhancement of modern financial services.
   Finally, President Abdirahman Cirro stated that the development of financial institutions reflects the growing trust and economic transformation in Somaliland. He encouraged the public and business community to take full advantage of the services provided by WADAAG Bank and other financial institutions operating in the country.

ALL PRAISE IS DUE TO ALLAH
Hussein Adan Igeh (Deyr)
Spokesperson of the President of the Republic of Somaliland