VERAGE PRESS RELEASE Somalia Becomes 182nd Member of Multilateral Investment Guarantee Agency March 31, 2020 Amid global uncertainty, country’s membership is key part of accessing international private investment capital. WASHINGTON DC, March 31, 2020 – 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. MIGA has already begun discussions with funds interested in investing in Somalia, including in the agribusiness and small and mid-sized enterprise finance sectors. In the intermediate term, MIGA is exploring opportunities in the information and communications technology and energy. MIGA will also look at opportunities with the Somali diaspora to identify opportunities for further high-impact foreign investment that will spur economic development and growth in Somalia. The World Bank Country Director for Somalia, Felipe Jamarillo said, “New efforts by the government to restore stability and governance, and to attract and protect investment through proper legal and regulatory governance, are opening exciting opportunities for development in Somalia. We are delighted that with membership of MIGA completed, the full complement of World Bank Group instruments is now open for business to support Somalia’s revival.” The World Bank program in Somalia is largely funded by the Multi-Partner Fund and support from pre-arrears clearance grants. The current MPF portfolio focuses on core state functions, socio-economic recovery and urban development in Somalia. The MPF is engaging with the government to support the development of a professional and sustainable civil service. These reforms are being implemented federally and in Federal Member States to ensure national coverage. 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. To date, activities have been funded by the Multi-Partner Fund, with the support of Denmark, the European Union, Finland, Italy, Norway, Sweden, Switzerland, the United Kingdom, and the United States. With the full normalization of relations, IDA is preparing a range of new investment aimed at providing rapid response to households impacted by recent droughts and flooding, reducing poverty by delivering social protection to over 200,000 women with children under 5, improving education and healthcare, boosting water and electricity supply, and investing in other critical infrastructure projects. ### MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war & civil disturbance; and offering credit enhancement to private investors and lenders. Since its creation, MIGA has issued over US$55 billion in guarantees across 116 developing countries. Contacts: In Washington: Vamsee Krishna Kanchi, (202) 458-9771, vkanchi@worldbank.org For more information, please visit: http://www.miga.org Stay updated via Twitter: http://twitter.com/MIGA Follow us on LinkedIn: http://www.linkedin.com/company/wb-miga Somalia Becomes 182nd Member of Multilateral Investment Guarantee Agency | Multilateral Investment Guarantee Agency | World Bank Group WWW.MIGA.ORG

You are not one for irony eh?

Just I andy our friend Observer, predicted

I am more surprised at Amhara, Tigray, and Oromo closing their borders and stopping all transportation.

They are now exporting it to Jabuuti.

IMF knows banter. If you look...

How about you go and do it.

They are doing for own interest. Farmaajo is a tool, hopefully, a useful tool.

Yes, in this dog eats dog, power-to-be are pretending the old Somalia still exists? There were in a state of pretending for the last 30 years, From Operation Restore Hope to 20/21, piracy, terrorism and coming elections, the International Community is somehow in a haze where they believe Somalia didn't go through anything? Are you serious man?

Trump intentionally instructed his minions to downplay the virus threat. He had three months to react to this brewing. His own intelligence told him this is a national security threat. He decided to do nothing because he thought this would affect his re-election as he bet the economy as hid winning ticket. If he had acted in November or even in January, America would have enough time to prepare for the impending chaos. There would have been enough masks, ICU units, ventilators, etc. This is a rich country that can move fast logistically. The man disbanded the National Security Council Pandemic Unit who was tasked to predict pandemics and come up with policies.

Something is brewing in Habar centers, Bombs and assination in Las Anod, endless clan wars in Ceel Afweyne, political party pricking, etc. There have also been shootings in Galkacayo and bombs or targeted killings in Bosaso. A bomb suicide is new, but not unexpected. Just consider yourself lucky you have Puntland as a neighbor and stop giving terrorist safe passages.

Every heavily indebted nation went through the same process! Every IMF member nation poor or rich are asked to contribute. Somalia was no different but your mockery of the needy is noted. Now, quitting telling the beggar is in for him or what's good for him. Oodweyne, I had a note to Suldaanka's silly bravado. But since you appointed yourself to be his thought translator, and this is very important as the secessionists to have thickheads, the world KNOWS what Somalia is and importantly what its government is. And no the powers-to-be are not stupid or uninformed, They just made their choice. What Somaliland needs to do is give a compelling argument that was why they deserve loans. Somalia is bad or its government is corrupt or weak is not cutting it!

So, you went from mocking IMF member countries including Sri-Lanka and Bangladesh for offering bridging loans to saying international communities should deny Somalia new loans and we could use loans too. I wonder what's next?

Dr. Belieh said Somalia was mashruuc and he was right in a lot of ways but it seems Somaliland is bigger mashruuc peddled at the top who benefit from it tremendously. What people have envisioned it to be is long gone. What's left is an oligarchy.

Oh the times, we live in. Trump fu'ked this one up.

I thought this was a joke.

Somalia sending 20 doctors to help Italy fight virus - WardheerNews WARDHEERNEWS.COM Somalia sending 20 doctors to help Italy fight virus

Somalis...

There's no free lunch.

There will be no election, at least not in the near future, and despite Abiy's good effort, one can't turn back history. Amharic hegemony will not come back.

The State of Qatar's new Embassy project in Mogadishu, Somalia. Contractor: APG Size: 22.000 m2 Completion date: 2021