The International Financial Corporation (IFC) on Monday signed an agreement with Somalia to help boost the public-private partnerships (PPPs) in the country.
The accord aims at helping in the improvement of delivery of services, creation of jobs and enhancement of economic wealth.
The Somali government plans to encourage private investment in various sub-sectors.
Somalia’s Finance Minister Abdirahman Duale Beileh signed the agreement on behalf of the government with the IFC.
“Today, we have signed an agreement with IFC, a member of the World Bank Group, which effective from tomorrow (Tuesday) will implement activities that will enhance investment in the private sector,” Dr Beileh said.
The IFC will help the Somali government enact pro-business reforms that foster open and competitive markets, paving the way for the growth of healthier and livelier local business communities.
In November last year, IFC signed two agreements with the Somali Ministry of Planning, Investment, and Economic Development to help encourage both local and foreign investment, with the ultimate aim to improve public services, create jobs and boost economic prosperity.
“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,” Planning Minister Gamal Mohamed Hassan said at the time.
During the same occasion, IFC’s Regional Director for Eastern Africa, Jumoke Jagun-Dokunmu, said, “IFC is very pleased to enter into this agreement. We will support stakeholders in the Somali peninsula to realise concrete investment climate reforms that will positively impact the economy at large.”