{"id":6941,"date":"2020-11-16T23:30:02","date_gmt":"2020-11-16T23:30:02","guid":{"rendered":"https:\/\/sooha.org\/en\/?p=6941"},"modified":"2020-11-21T08:36:03","modified_gmt":"2020-11-21T08:36:03","slug":"world-bank-body-inks-deal-with-somalia-to-support-private-sector-development","status":"publish","type":"post","link":"https:\/\/sooha.org\/en\/2020\/11\/16\/world-bank-body-inks-deal-with-somalia-to-support-private-sector-development\/","title":{"rendered":"World Bank body inks deal with Somalia to support private sector development"},"content":{"rendered":"

MOGADISHU —<\/strong> Somalia\u2019s private sector got a boost Sunday following a formal pact between the government and the World Bank\u2019s investment division, IFC.<\/p>\n

The agreement which is a first with the World Bank body aims at supporting investment and growth in the private sector.<\/p>\n

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The sector which forms the plank of the country\u2019s 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\u2019s business regulatory environment and increase the country\u2019s trade transparency.<\/p>\n

Planning Minister Gamal Hassan said the agreement will be instrumental in bolstering investments by addressing challenges facing the sector.<\/p>\n

\u201cIFC\u2019s 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, \u201c the minister said during the signing of the agreement.<\/p>\n

The International Finance Cooperation (IFC) Regional Director Jumoke Jagun-Dokunmu said the agreement will support Somalia\u2019s development trajectory.<\/p>\n

\u201cSomalia\u2019s 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.<\/p>\n

\u201cThrough these agreements, IFC will support Somalia\u2019s ongoing journey towards stability and development, a journey that will ultimately benefit all its citizens and the wider region.\u201d<\/p>\n

Source: HOL\u00a0 \u00a0 \u00a0 \u00a0Origin: View original<\/span><\/a><\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

MOGADISHU — Somalia\u2019s private sector got a boost Sunday following a formal pact between the government and the World Bank\u2019s 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\u2019s economy will …<\/p>\n","protected":false},"author":1,"featured_media":6942,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,1],"tags":[1262,1263,1261,35,1221],"class_list":["post-6941","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-development","category-news","tag-development","tag-investment-division","tag-private-sector","tag-somalia","tag-world-bank"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t