World Bank VP for Africa commends Somalia for improving economic situation

“The World Bank Group will continue to be a steadfast partner, to help ensure that reform efforts yield positive and tangible results for all Somalis.”

The World Bank Vice President for the Africa Region, Hafez Ghanem concluded his first visit to Somalia today after witnessing the progress made by the government and people of Somalia.

“I commend the government and the people of Somalia for making progress on improving the security and economic situation in the country,” said Hafez Ghanem, World Bank Vice President for Africa Region. “The World Bank Group will continue to be a steadfast partner, to help ensure that reform efforts yield positive and tangible results for all Somalis.”

Ghanem was accompanied by Jumoke Jagun-Dokunmu, IFC Regional Director for Eastern Africa. He held high-level talks with President Mohamed Abdullahi Mohamed, Prime Minister Hassan Ali Khaire, Minister of Finance Abdirahman Duale Beileh, and other senior government officials.

Ghanem reiterated the World Bank Group’s support for Somalia’s reform efforts as the country approaches the Decision Point for the Heavily Indebted Poor Countries (HIPC) program. At this milestone, the country’s eligibility for debt relief will be determined and Somalia will have access to much-needed development grants from international finance institutions.

Ghanem also praised the progress of the regional cooperation on infrastructure, trade and human capital development between Somalia, Ethiopia, Djibouti, Kenya, and Eritrea, and commended other development partners for their continued support to Somalia. He used the opportunity of his visit to open the new World Bank Group office in Somalia.

The World Bank Group and other development partners shave been supporting Somalia’s reforms since 2014 through the Somalia Multi-Partner Trust Fund (MPF), which finances government-led state-building for service delivery and economic growth, with over $447 million from eleven donors. The MPF is a pooled fund under the Somalia Development and Reconstruction Facility, which brings together Federal Government, Federal Member States, Parliament, and the international community.

Resources from the World Bank are channeled to projects implemented by the government. Since 2014, these projects have been supporting the reestablishment of institutions to deliver services to people and catalyze economic growth.

The International Finance Corporation is also active in Somalia, supporting government/country to improve business climate, public and private dialogue and key reforms in key sectors such as energy, industrial infrastructure, and Information, Communication and Technology (ICT).

(With Inputs from APO)