Somalia becomes the latest nation to join the Multilateral Investment Guarantee Agency (MIGA), following normalization of its financial relationship with the World Bank. Somalia is the Agency’s 182nd member, thereby gaining access to long-term financing for economic prosperity.
In a statement on it’s website, MIGA says that it has already begun discussions with funds interested in investing in Somalia, including in the agribusiness, energy, ICT, and small and mid-sized enterprise finance sectors. Further, the agency is looking at opportunities with the Somali diaspora to identify opportunities for further high-impact foreign investment.
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MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies. The agency helps mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war & civil disturbance.
Since re-engaging in 2013, the World Bank program in Somalia has targeted the re-establishment of core government functions, including Public Finance Management, economic governance and laying the foundations for longer-term sustainable development and poverty reduction.
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