World Bank Opens New Office in Somalia

World Bank Vice President for Africa recently launched a new World Bank office in Somalia during his first visit to the country. Hafez Ghanem commended Somalia’s progress towards improving both its security and economic situation. Additionally, he pledged support to the Somali people as the country awaits the Decision point on its debt relief program. Currently, the World Bank and IMF are looking to write off Somalia’s $5 billion debt.

“I commend the government and the people of Somalia for making progress on improving the security and economic situation.” Said Ghanem. “The World Bank Group will continue to help ensure that reform efforts yield positive and tangible results for all Somalis.”

International Finance Regional Director for EA Jumoke Jagun-Dokunmu accompanied Ghanem in the Somalia visit. The two officials also held high-level talks with Somalia’s President, Prime minister and Finance minister among other officials. Ghanem commended Somalia’s efforts with infrastructure projects, alluding to its regional cooperation with neighbouring countries in infrastructure and trade.

The Bank has been an essential part of Somalia’s reform journey since 2014, creating a pool of funds to finance Her state-building. The fund dubbed Somalia Multi-Partner Trust Fund has over $447 million from 11 donors, which the government uses to implements projects.