IFC, Somalia sign landmark agreements

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IFC, a member of the World Bank Group, has signed its first formal agreements with the Federal Government of Somalia to support the country’s goal to strengthen its private sector, attract investment, improve public services, and create jobs.
Through the agreements, signed with Somalia’s Ministry of Planning, Investment, and Economic Development, IFC will advise 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.
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.”