This archive report was first published on 4 November 2019.
On his first visit to Somalia, World Bank Vice President for Africa Hafez Ghanem officially opened a new World Bank office in the country. The launch took place on an undisclosed date, although the World Bank has been working in Somalia since 2014.
During his visit, Ghanem commended Somalia's progress towards improving both its security and economic situation. He also pledged support to the Somali people as the country awaits the Decision point on its debt relief program. The World Bank and IMF are currently 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."
Somalia Eyes Infrastructure Boost if International Creditors Erase $5 Billion Debt International Finance Regional Director for EA Jumoke Jagun-Dokunmu accompanied Ghanem in the Somalia visit. The two officials held high-level talks with Somalia's President, Prime Minister, and Finance Minister among other officials. Ghanem also commended Somalia's efforts with infrastructure projects, highlighting its regional cooperation with neighboring countries in infrastructure and trade. The World Bank has been an essential part of Somalia's reform journey since 2014, creating a pool of funds to finance the country's state-building. The Somalia Multi-Partner Trust Fund, established in 2014, has over $447 million from 11 donors, which the government uses to implement projects.
