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GFCL named exclusive financial adviser to Somalia
Tuesday, June 18, 2013
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GLOBAL Finance & Capital Limited (GFCL), the UK FCA registered corporate finance adviser, has been appointed to provide exclusive advisory services to the government of the Federal Republic of Somalia, Arun Panchariya, its Principal said.
Somalia's first 'National Infrastructure & Development Fund' (NIDF) will be administered by a newly created 'Development Bank'.
The closed-ended fund has already sourced its seed-funding and when established will be managed in partnership with one bi-lateral partner. Discussions are ongoing with a number of potential partners. The NIDF is expected to top out at $500 Million with an eight-year time frame for its completion.
Speaking in Mogadishu, Somalia's Minister of Finance & Planning, Mohamud Hassan Suleiman, said: "As the people of Somalia seek to build a hopeful and prosperous future, we are very pleased to have appointed GFCL, an experienced corporate finance adviser, to assist in the establishment of the first Development Bank and the Infrastructure and Development Fund.
Our goal in establishing the Bank and the Fund is to ensure that international investors have a professional partner in Somalia and to reassure all Somalis that investment in much-needed infrastructure will be raised as quickly as possible and directed to the sectors where there is most need."
Panchariya added: "This appointment is an endorsement of GFCL's capabilities. We are all very excited by this opportunity and we are highly motivated by the efforts the government is making to assist Somalia rebuild its economy. As soon as we are able to, we will be releasing more details about the Fund, including the bilateral partner, the seed financing and governance."
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