Dr. Zarau Wendeline Kibwe, who is the Executive Director of the World Bank and also responsible for twenty-two Sub-Saharan African countries, arrived today in Mogadishu. He was accompanied by his legal advisor, Mr. Mohamed Bashir, who also represents Somalia.
They held a meeting with members of the Somali Chamber of Commerce and Industry, led by Prof. Ciise M. Xalane. The meeting focused on analyzing the challenges related to investment in Agriculture, Livestock, Fisheries, and Energy — sectors in which the International Finance Corporation (IFC) could potentially invest through the private sector.
Prof. Ciise M. Xalane spoke about the overall scope, importance, and history of Somalia’s private sector, as well as the Chamber of Commerce’s policy aimed at developing private enterprise. He also highlighted how this aligns with both the country’s long-term vision for economic transformation by the year 2060 and the shorter five-year development plan. This alignment, he noted, is exemplified by how President Hassan Sheikh has emphasized that: “The economic development plan is one that is led by the private sector.”
Following this, discussions were held regarding the obstacles businesses face in accessing bank financing, particularly under the “Gargaara” program. It was noted that the program’s terms include short repayment periods, high interest rates, and strict collateral requirements — which are challenges especially for businesses needing substantial investment.
