Somalia’s minister of finance, Abdirahman Beileh on Sunday held talks with Egyptian delegates who reached the country, their discussions focused on Somalia’s economic development.
The banks in the North African country eye to invest Somalia’s lucrative market as the country are recovering the civil war which paralyzed the economy.
Minister Beileh said he discussed with the delegates on banking financial investment.
“Welcomed a delegation from Egypt’s government & established financial sector to @MofSomalia today. Banking, financial sector investment & cooperation crucial for Somalia’s economic development #Somalia,” said Mr. Beileh in a twitter post.
The ministry has been trying establish financial policies which could attract foreigners.
Somalia which has few operating banks including Somali Central Bank, International Bank of Somalia (IBS), Premier Bank, is slowly becoming a focus of Several countries in the continent and other parts of the world.
For the first time in decades, Premier Bank partnered with MasterCard and SWIFT had introduced country’s first automated teller machines (ATM) in 2015.
The central bank of Somalia which has been operational for the past eight years started initiatives to print new currency for the country.
Among other countries that seek to invest Somalia are Qatar, Kenya, Turkey and China.
Discussion about this post