Somali Ministry of Finance Welcomes Approval of Islamic Corporation of the Private Sector Development (ICD) Articles of Agreement

Somalia’s Minister of Finance, Mohamed Aden Ibrahim has welcomed the endorsement of ratification of the Islamic Corporation of Private Sector Development (ICD) Articles of Agreement on Saturday.

Mohamed Adan Ibrahim said “ICD engagement in Somalia would allow Somalia to access external financial resources that can increase productivity, provide support to micro, small and medium-sized enterprises, and stimulate entrepreneurial activity and greater competition to improve the private sector.

 The Parliament has approved Somalia’s ratification of the Islamic Corporation of Private Sector Development (ICD) Articles of Agreement on Saturday.

Moreover, ICD ratification will enable Somalia to catalyze the private sector contributing to job creation and would in particular provide ample jobs to Somalia’s youth seeking employment.”

The ratification of the ICD Articles of Agreement by the Federal Parliament paves the way for Somalia’s full membership into ICD.

The ICD supports member countries with developing enabling policies and interventions to stimulate private sector growth.

The ICD promotes the establishment, expansion and modernization of private sector through extending advisory services to private sector groups in member countries.

The ICD extends assistance to enterprises so that they may thereby further improve business experience and skills and gain access to international networks.

With ICD involvement, Somalia’s small-and-medium sized enterprises (SMEs) stand to benefit, as the ICD can invest in local enterprises and private sector projects.