The federal republic of Somalia on Monday hosted the International Finance Corporation (IFC) regional director for Eastern Africa, Mary Porter Pescheka, in a high-level consultative meeting that seeks to transform Somalia from a reform-oriented phase to a robust private sector-led investment.

The Federal Republic of Somalia’s Minister of Finance Bihi Iman Egeh said the meeting was aimed at creating fertile ground for the domestic and international investors.

“our focus is clear: expanding International Finance Corporation engagement to strengthen the private sector-led growth and advancing Somalia’s investment pipeline,” said Minister Bihi. The IFC director makes her first visit to Mogadishu since her appointment and follows a recent report of the Somalia Country Private Sector Diagnostic, which identified renewable energy and digital financial services as the sectors with the highest potential for immediate development impact.

The meeting talks focused on identifying key cooperation areas of expanding investment in bankable projects in energy, ICT, and infrastructure to attract long-term capital. The IFC is also targeting to strengthen the Somali investment academy and digital finance initiatives to support small and medium-sized enterprises (SMEs).

In the 2024 meeting held in Nairobi, Somalia showed a progressive economic growth to global partners, with the national debt significantly reducing, and in Somalia’s 2025-2026 financial budget, the federal government prioritized a more internally funded budget that also has reduced overdependence on international donors.

IFC is now looking to stamp its presence in Somalia, which has shown great potential, and today’s discussions signal a shift from basic technical assistance to active investment facilitation. Currently the Somali private sector accounts for 95% of all total jobs in Somalia.