The President of Somalia Hassan Sheikh Mohamud has on Saturday officially opened the International Bank of Somalia (IBS), which will work on the internationally acknowledged banking systems.
President Hassan Sheikh Mohamud urged the business people in and out to invest in the country that is reviving from more than two decades of civil war.
The opening ceremony of International bank of Somalia was attended by states minister for finance of federal government, minister for reconstruction, vice chairman of Central bank of Somalia, Banadir governor and mayor of Mogadishu, Somalia chamber of commerce, businessmen and other invited guests.
All the officials who spoke at the ceremony lauded the businessmen who opened the Bank and described them as role model who brought home international bank that can ease the business activities in the country.
Speaking at the ceremony, the chairman of the bank said the bank will work according to internal banks as it has swift code.
He added that the bank will focus on improving the economic resources of the country such as agriculture and livestock.