IBS outlines investment opportunities for Somali diaspora

The International Somali Diaspora Conference, recently hosted by the Ministry of Foreign Affairs in Qatar, united citizens around the world under the theme "Harnessing the Power of the Somali Diaspora for a Better and Prosperous Somalia".

Prime Minister Hamza Abdi Barre and Qatar's Minister of State for Foreign Affairs Sultan bin Saad Al Muraikhi officially opened the conference.

The conference provided a platform to explore critical issues such as immigration, integration and cultural preservation facing the Somali community worldwide.

Participants delved deep into Somalia's domestic landscape, assessing progress in security, economic development and foreign policy.

This comprehensive approach underscores the interconnectedness of the diaspora and the homeland, a relationship that IBS Bank is committed to strengthening.

IBS Bank Somalia representatives at the conference recognised Prime Minister Hamza Abdi Barre's call for robust economic partnerships as essential to the nation's progress.

As a leading financial institution, IBS emphasised its commitment to fostering these alliances by providing innovative financial solutions and supporting strategic investments in sectors such as education, healthcare and insurance.

"Robust business partnerships are one of the most important ways to achieve economic growth. I urge you to forge strategic alliances that will benefit sectors such as education, health, insurance and investment to enhance the country's economic capacity," the Prime Minister said.

Abdirizack Ali Warsame, the bank's vice chairman praised the diaspora's role in saving Somalia and its continued contribution to the Somali economy. He said the country had changed significantly and was now developing rapidly.

"The Somali diaspora has been instrumental in both saving and rebuilding our nation. Their contribution to the Somali economy is invaluable. I urge the diaspora further to expand their role in the reconstruction of our country. Somalia has made significant progress and I believe your return would greatly accelerate our development," he said.

He also assured the Somali diaspora of the bank's full support in implementing their innovative ideas for Somalia.

"IBS Bank is committed to working with you to bring your innovative ideas to life and streamline your operations. Somalia has made significant progress and we encourage you to come back and be part of this exciting growth. Don't miss this opportunity.

The Somali diaspora sends approximately $1.3 billion (about Sh150 billion) to friends and family back home every year.

Remittances are mainly used by families to pay for food, water, education and basic health services.

In addition, Somalia recently joined the East African Community, an eight-nation bloc of about 300 million people, opening up trade for the country with one of Africa's largest coastlines.