London, 8 May 2013
Dr Ahmad Mohamed Ali, Chairman of the IDB Group, reiterated the Group’s readiness to cooperate with the Government of Somalia and partnering institutions in facilitating reconstruction efforts in Somalia and ensure its stability and development. Speaking at the International Conference on Somalia in London, he further stated that the IDB would assist the Government in the fields of Islamic banking and finance and improve legislation on investment so that the private sector can play its role in
the country’s economic and social development.
He emphasized that the IDB Group would remain a solid partner of Somalia in its efforts to ensure stability and development and would work with regional and international institutions to increase the flow of resources for the country’s development, especially in terms of activities geared towards building government institutions, restoring basic services and improving infrastructure.
The London Conference was attended by representatives of 50 countries and organizations such as the United Nations, the Organization of Islamic Cooperation, the African Union, the Arab League, Arab funds, the International Monetary Fund, etc. The Conference was designed to channel the support and funding necessary for Somalia’s reconstruction and help it overcome the economic and political problems it has been plagued with over the years.
Since the time of Somalia’s joining the IDB during its inception in 1975, IDB has approved 17 development projects in the sectors of transport, water, agriculture and Islamic banking. It has also been providing scholarships for studies in medicine, engineering and other scientific disciplines even after the unfortunate outbreak of hostilities in the country. Apart from this, IDB continued to provide assistance for education, health and emergency relief for victims of the hostilities. Since 1991,
assistance in this regard stands at USD 17.3 million.