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World Bank body inks deal with Somalia to support private sector development

Monday November 16, 2020

MOGADISHU (HOL) - Somalia’s private sector got a boost Sunday following a formal pact between the government and the World Bank’s investment division, IFC.

The agreement which is a first with the World Bank body aims at supporting investment and growth in the private sector.

The sector which forms the plank of the country’s economy will benefit from advice, on reforms designed to encourage private investment in the energy, ICT, and industrial infrastructure sectors and will help strengthen Somalia’s business regulatory environment and increase the country’s trade transparency.

Planning Minister Gamal Hassan said the agreement will be instrumental in bolstering investments by addressing challenges facing the sector.

“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 “ the minister said during the signing of the agreement agreement.

The International Finance Cooperation (IFC) Regional Director Jumoke Jagun-Dokunmu said the agreement will support Somalia’s development trajectory.

“Somalia’s public and private sectors have shown their strong commitment to reform and grow the economy, which  will improve access to goods and services for the people of Somalia and create jobs.

“Through these agreements, IFC will support Somalia’s ongoing journey towards stability and development, a journey that  that will ultimately benefit all its citizens and the wider region.”


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