Cheick-Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa. “Working with our World Bank colleagues and other partners, IFC will continue to support development in Somalia that is green, inclusive, and sustainable.”
MIGA will look to replicate and scale-up green energy investments after its first investment in FY23.
“The Country Partnership Framework makes the case for solutions such as MIGA’s political risk insurance to crowd in cross-border private sector investors into Somalia,” said Moritz Nebe, Acting MIGA Director for Economics and Sustainability. “MIGA, through collaborating with our World Bank colleagues and development partners, looks forward to supporting more projects in the country as Somalia executes on its post-HIPC development strategy.”
Despite Somalia’s high-risk environment, the World Bank has played a key role in convening and collaborating with development partners , the United Nations, the International Monetary Fund, the African Development Bank and others to help Somalia build visible core government capacity, legitimate institutions, and achieve development results within a longer-term international aid framework. In 2013, the World Bank helped establish the Multi Partner Fund (MPF), which has funded Advisory Services and Analytics (ASA) and piloted and tested programs, such as in governance, the business environment, and urban resilience, later scaled-up by the International Development Association (IDA).
The Somalia portfolio is currently at $2.3 billion comprising 22 projects.
PRESS RELEASE NO: 2024/131/AFE