Somalia Becomes 182nd Member of Multilateral Investment Guarantee Agency

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, is pleased to announce that the Federal Government of Somalia has become the 182nd member of the Agency, following normalization of its financial relationship with the World Bank. Against the backdrop of the COVID-19 pandemic, Somalia’s membership affords it new opportunities for drawing foreign direct investment and fostering economic growth in the coming years.

“I applaud the Federal Government of Somalia on successfully meeting its membership requirements with MIGA,” MIGA Executive Vice President Hiroshi Matano said. “In the face of the coronavirus outbreak and uncertainty about the capacity in Sub-Saharan Africa to respond, Somalia’s membership with MIGA marks an important milestone toward realizing the country’s long-term goals of economic growth and prosperity. We look forward to working with Somalia and the investment community to deliver real results on the ground.”

While Somalia has a vibrant and resilient private sector with high potential for investment and growth, its current challenges include the need to improve business regulation, enhance trade facilitation and transparency, and manage security risks. MIGA’s experience working in other conflict-affected states will inform its dialogue with prospective investment partners on these and other important issues.

“Somalia’s vibrant private sector is key to our national development, economic prosperity and social progress. Membership in MIGA will ensure support to our private sector as well as foreign investors to expand, invest and create opportunities to enable sustainable development at a crucial time for the global economy,” said Somalia’s Minister of Finance, Abdirahman Duale Beileh.