Somali President Hassan Sheikh Mohamud participated in the Forum on Somalia Development Financing in Mogadishu on Saturday. The event gathered high-ranking government officials, financial sector leaders, private business representatives, and development partners. The forum aimed to discuss ways to attract and direct long-term financing for sustainable economic growth in the Horn of Africa country.
The forum was organized by the Somali Development and Reconstruction Bank (SDRB) under the theme 'Financing Somalia's Next Chapter: From Recovery to Sustainable Development.' Viable pathways were discussed that could move Somalia beyond short-term recovery funding, promoting investment-oriented development through more active utilization of domestic and international capital to support infrastructure, enterprises, and productive sectors.
President Mohamud noted the historical significance of the event, stating that the state bank's first investment step in Somalia is a clear sign of the country's progress in institutional recovery and advancing economic development. He also emphasized that the National Vision for Somalia until 2060 serves as a long-term foundation for economic expansion and sustainable development, requiring strategic investments in agriculture, livestock, fisheries, energy, infrastructure, and business.
The country's Deputy Prime Minister, Salah Jama, stressed the need to create a more robust and sustainable financing system. He clarified that Somalia's transition is not merely about replacing aid with new funding sources, but about building institutions and a financial system that will allow the country to finance its own development independently.
Finance Minister Bihi Iman Egeh expanded the discussion, highlighting the importance of using public funds to stimulate private investment in Somalia's long-term development. According to him, the success of the National Transformation Plan and general national strategies will depend on the effectiveness of mobilizing every dollar of public funds to attract additional capital into Somalia's critical sectors.
SDRB Chairperson Hodan Osman, speaking at the Forum, addressed the issue of funding deficits hindering Somali business growth and the Bank's role in solving this problem. She stated that Somalia lacks entrepreneurs or opportunities; the shortage is patient, structured capital needed to transform successful businesses into large corporations and industries. SDRB is committed to bridging this gap by collaborating with the government, development partners, and commercial banks to prepare investments, distribute risks, and expand long-term financing for Somalia's productive sectors.
The conference took place at a time when Somalia is striving to strengthen investment and financing partnerships to support its development ambitions.