Sunday, 2nd August 2026 – Mogadishu: The Somali Development and Reconstruction Bank (SDRB), as part of its continued efforts to strengthen transparency and accountability, has successfully undergone an independent external audit of its financial statements for the year ended 31 December 2024. To ensure the highest auditory standards were met, SDRB commissioned Deloitte and Touche LLP ­­— a Big Four audit firm — to conduct this evaluation in accordance with the International Financial Reporting Standards (IFRS).

Following its formal relaunch under new senior leadership in 2024, the Bank found that the legacy financial records available for the period were fragmented. Preparing the Financial Year (FY) 2024 statements therefore required an extensive process of compiling, verifying and reconciling information from multiple sources, which extended the reporting timeline.

The Audit Report, available here, provides an independent opinion on the Bank’s balance sheet and profit and loss statement over this period.

Understanding the Significance:

This independent external audit marks an important step in SDRB’s institutional transformation, building on several reforms made in the past 12 months. These include competitive recruitment across SDRB’s technical and corporate functions, the appointment of an independent Board of Directors and the establishment of a Shariah Supervisory Board — the first of its kind among Somalia’s Public Financial Institutions.

Independent External audits are an established international best practice for Development Banks, helping to uphold rigorous fiduciary standards. They also fulfill the requirements and commitments set out in the Bank’s foundational instruments — the SDRB Law (Law No.25, 2014) and the 2025-2030 Strategic Plan — which provide for regular audits to strength and transparency and maintain credibility with stakeholders. This internal safeguard will be beneficial to the Bank as it looks to secure funding.

“This external audit marks an important step for SDRB. We have worked hard to strengthen our internal controls and establish systems that will make future audits more efficient and timelier. I am encouraged by what this achievement says about the Bank and the priority we place on transparency and accountability.” – Zahra Mowlid, SDRB’s Director of Treasury and Banking Operations.

Next Steps:

Following the completion of the FY 2024 audit report, evaluation of the FY 2025 financial statements is scheduled for later this year, with the report set to be published a short period after.

As part of its ambition to mobilize external investment and expand much-needed financing for Somalia’s productive sectors, SDRB continues to implement a structured programme of institution-building, embedding local regulatory requirements and international best practices across its operational framework.