Conclusions for day one of the Second Istanbul Conference on Somalia
The Conference emphasized the importance of encouraging inclusive and equitable growth to reduce poverty in Somalia, including through the promotion of inclusive business practices. It was acknowledged that without stability, security, capable authorities and the rule of law, economic growth and large scale investment would be significantly constrained.
Participants agreed on the importance of planned and prioritised public sector institutional capacity development at all levels to provide institutional oversight as well as to establish and implement a regulatory framework, including appropriate standards for civil works. Alongside this, the Conference recommended the establishment of private-private partnerships to strengthen the capacity of the local contracting industry to participate in tenders and deliver on contracts.
It was reiterated that large scale, multi-year, predictable financing was urgently needed, both for infrastructure projects and to enhance the resilience of Somali communities. It was agreed to explore the role and design of an investment guarantee fund in Somalia without any delay. The Conference agreed on the importance of determining a number of priority inf