The Paris Club of creditor countries agreed to cancel $1.4 billion of Somalia’s debt, the country’s finance minister announced on Wednesday.

The decision came after an hours-long video conference between the Somalian government and representatives of Paris Club member states — France, the U.S., the U.K., Denmark, Norway, the Netherlands, Japan, Belgium, Germany, Italy, Spain.

“This is a huge step forward. We are celebrating this victory because we are now eligible to receive more funds and investments,” Finance Minister Abdirahman Duale Beileh said at a news conference in the capital Mogadishu.

He said the decision provides more relief

Read more: Paris Club creditors cancel $1.4B of Somalia's debt