The World Bank has opened a new office in Somalia during its Vice President for Africa region Hafez Ghanem’s first visit to the country.
The World Bank supports Somalia’s reform efforts as the country approaches the Decision Point for the heavily indebted poor countries (HIPC) program, said Ghanem who concluded his visit on Sunday.
Ghanem said the country’s eligibility for debt relief will be determined and Somalia will have access to much-needed development grants from international finance institutions.
“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 said in a statement issued on Sunday evening.
Ghanem also praised the progress of the regional cooperation on infrastructure, trade and human capital development between Somalia, Ethiopia, Djibouti, Kenya, and Eritrea, and commended other development partners for their continued support to Somalia.
The World Bank Group and other development partners shave been supporting Somalia’s reforms since 2014 through the Somalia Multi-Partner Trust Fund (MPF), which finances government-led state-building for service delivery and economic growth, with over 447 million U.S. dollars from 11 donors.
The MPF is a pooled fund under the Somalia development and reconstruction facility, which brings together government, federal member states, parliament and the international community.