World Bank forum explores Somalia’s trade potential

NAIROBI: Somali businessmen should lead in rebuilding their war-torn nation through investing in the country, an investment forum was told Wednesday.

Speaking at the forum organised by the World Bank and the US Embassy in Nairobi, a group of Somali businessmen and investors said it was necessary to take advantage of the relative peace to invest more in the country.

The businessmen, who were discussing better ways of rebuilding the nation said for foreigners to commit funds, locals must lead the way.

Abdirashid Duale, the Chief Executive Officer of Dahabshil, a leading money transfer firm, said his firm has played a crucial role in helping alleviate poverty by offering loans to the citizens.

“Our remittance system has enabled the Somali Diaspora to send money to their relatives. We have also supported new businesses by providing seed monies and loans,” he said.

According to Lee Sorensen, a director of Shuraako who together with US Embassy and the World Bank organised the Somali Investment Forum, said a number of prospective investors have pledged in excess of $500,000 of investment capital to help rebuild Somalia.