Shillings and dollars.
MOGADISHU, March 4 (NNN-ALLAFRICA) — The World Bank Group Board of Executive Directors has moved toward normalizing its relations with the Federal Government of Somalia (FGS) after thirty years.
This will open up opportunities for Somalia to access concessional financing from the World Bank’s International Development Association (IDA) and to work closely with all arms of the World Bank Group to attract investment that will support the country’s stability and development.
“Today’s (Tuesday) decision paves the way for full resumption of operations so the World Bank Group can provide the strongest possible support to Somalia’s efforts toward economic and social recovery,” said Axel van Trotsenburg, World Bank Managing Director of Operations.
“This milestone is the result of several years of close cooperation with the Federal Government, and we now look forward to taking our relationship to the next level with deeper and broader financial and technical support from across the Bank Group.”
The Board’s decision to reengage is based on the government’s strong record of fiscal, political, social and economic reforms in recent years.
“Somalia has made important reforms and has demonstrated strong commitment to staying the course,” said Hafez Ghanem, Vice President for Africa, the World Bank. “These reforms lay the foundation for sustained poverty reduction and better lives for the Somali people, and open the door to private sector investment that can create jobs and drive the economy forward.”
“Today marks an important step towards full re-engagement of the World Bank Group in Somalia,” said Abdirahman D. Beileh, Minister of Finance of the Federal Republic of Somalia.
The normalization of relations with the World Bank Group paves the way for Somalia to receive debt relief under the Heavily Indebted Poor Country (HIPC) and Multilateral Debt Relief Initiative (MDRI) programs to promote growth and recovery over the coming years. — NNN-AGENCIES
