Mogadishu:-IFC, a member of the World Bank Group, today signed two agreements to help the Federal Government of Somalia spur both local and foreign investment, with the ultimate aim to improve public services, create jobs and boost economic prosperity for the Somali people.
The partnerships, the first to be signed between IFC and the Federal Government of Somalia, provide a road map for the development of Somalia’s private sector, which is considered key to the country’s economic future.
The first agreement, signed with the Ministry of Planning, Investment, and Economic Development, will see IFC advise officials on a series of legal reforms designed to encourage private investments in the energy, information communication technology, and industrial infrastructure sectors. Those investments are widely seen as crucial to improving public services in the Republic of Somalia. The second agreement between IFC and the government will address the business regulatory environment and help foster trade transparency.
Gamal M. Hassan, Somalia’s Minister of Planning, Investment, and Economic Development, said, “IFC’s advisory support will help Somalia tackle bottlenecks in the business environment and enable us to attract more investment from both domestic sources and the Somali diaspora, which is a national priority.”
Jumoke Jagun-Dokunmu, IFC Regional Director for Eastern Africa, said, “IFC is very pleased to enter into this agreement. We will support stakeholders in the Somali peninsula to realize concrete investment climate reforms that will positively impact the economy at large.”
In close collaboration with the World Bank and development partners, IFC is helping governments worldwide enact pro-business reforms that foster open and competitive markets, clearing a path for the growth of healthier and more vibrant local business communities.
IFC has been working in Somalia since 2015 to encourage economic growth. The new agreements fall under the umbrella of IFC’s Somalia Investment Climate Program. The initiative is supported by the IFC Private Sector Development in Somalia Trust Fund, which is funded by the United Kingdom Department for International Development, the Danish International Development Agency, and the European Union. The trust fund was established in 2017 to address barriers to private sector investment.
