MOGADISHU, Somalia (HornPost) President of the Federal Republic of Somalia Hassan Sheikh Mohamud has opened the Somalia Development Financing Conference in Mogadishu, bringing together government officials, business leaders, private-sector executives and development partners to discuss investment opportunities and financing needs in the country.
The conference was hosted by the Somalia Development and Reconstruction Bank (SDRB) and focused on ways to strengthen development financing and support Somalia’s transition from recovery and reconstruction toward sustainable economic growth.
Government Prioritizes Sustainable Development Financing
Speaking at the conference, President Hassan Sheikh said the Federal Government is prioritizing sustainable development financing, increased domestic production and a stronger role for the private sector as part of efforts to create jobs and promote long-term economic growth.
The president emphasized the need to mobilize investment for productive sectors of the economy while creating greater opportunities for businesses to contribute to Somalia’s development.
The conference provided a platform for government institutions, businesses and development partners to discuss the financing gaps facing the country and identify opportunities for investment in sectors with potential to generate employment, increase production and strengthen economic resilience.
National Vision 2060
President Hassan Sheikh also highlighted Somalia’s National Vision 2060 as the country’s long-term framework for achieving a growing economy and sustainable development.
The vision, launched by the Federal Government in 2025, is intended to provide a long-term national direction and establish a framework for Somalia’s future economic and social development.
According to the president, achieving the objectives of Vision 2060 will require strategic investment across key sectors, including agriculture, livestock, fisheries, energy, infrastructure and businesses.
Focus on Agriculture, Livestock and Fisheries
Agriculture, livestock and fisheries were highlighted as important areas for future investment, given their role in Somalia’s economy and their potential to expand domestic production and create employment.
The European Investment Bank (EIB) is currently considering a financing facility involving the SDRB that could provide €45 million in total funding, comprising approximately €15 million in grants and €30 million in lending, for financing agriculture, fisheries, livestock and renewable-energy projects involving micro, small and medium-sized enterprises.
The proposed facility would allow the SDRB to provide financing to businesses in Somalia, with particular attention to agriculture and renewable energy. The EIB says the planned financing would also support livestock and fisheries, which are important sectors of the Somali economy, as well as export-oriented agricultural production.
Expanding the Role of the Private Sector
The conference also placed emphasis on the role of private businesses in Somalia’s economic development.
The Federal Government has identified increased domestic production and private-sector participation as important elements of its approach to creating employment and sustaining economic growth.
For businesses, improved access to financing could support investment in production, infrastructure, energy, agriculture and other sectors, while helping expand the capacity of small and medium-sized enterprises.
The SDRB’s proposed financing model includes both support through microfinance institutions and direct financing for private-sector projects.
Infrastructure and Energy Investment
Infrastructure and energy were also identified by President Hassan Sheikh as areas requiring strategic investment as Somalia seeks to expand economic activity and improve productive capacity.
Investment in renewable energy could also support agricultural production and value addition, particularly in areas where access to reliable electricity remains a constraint on businesses and productive activities. The EIB’s proposed SDRB facility specifically includes renewable-energy projects among its target areas.
A New Financing Focus for Somalia’s Development
The Mogadishu conference comes as Somalia seeks to strengthen domestic economic activity and expand the role of investment in its development agenda.
By bringing together government institutions, businesses and development partners, the conference provided a forum for discussing how financing can be directed toward productive sectors and how private investment can contribute to employment and economic growth.
President Hassan Sheikh said Somalia’s long-term development ambitions require strategic investment, increased domestic production and stronger private-sector participation, with Vision 2060 providing the long-term direction for the country’s economic transformation.
Prepared by:
Horn post staff
MOGADISHU, Somalia
