World Bank opens office in Somalia as lender upbeat on country’s recovery

The World Bank has opened its offices in Somalia as the global lender expresses confidence on the country’s recovery path and progress towards debt relief.

World Bank Africa Region Vice President Hafez Ghanem who opened the office Sunday during his first visit to Somalia said Somalia’s progress was commendable at that the Bank will continue its support.

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

Ghanem was accompanied by Jumoke Jagun-Dokunmu, IFC Regional Director for Eastern Africa. He held high-level talks with President Mohamed Farmaajo, Prime Minister Hassan  Khaire, Minister of Finance Abdirahman Duale Beileh, and other senior government officials.

Ghanem reiterated the World Bank’s support to Somalia’s reform process as the country nears the Decision Point under the Heavily Indebted Poor Countries (HIPC) initiative.

Speaking during a meeting with the World Bank officials, Prime Minister Hassan Khaire said Somalia was committed to attaining the Decision Point in February 2020.

At this point under the HIPC, countries can be able to access loans at subsidized rates from the IMF’s Poverty Reduction and Growth Trust and interest-free loans and grants from the World Bank’s International Development Association (IDA).