The Government of the Federal Republic of Somalia Appoints Dubai-Based GFCL as Exclusive Financial Adviser to Somalia's National Infrastructure & Development Fund and to the Development Bank
DUBAI, UAE, June 13, 2013 /PRNewswire/ --
Mr. Arun Panchariya, the Principal of Global Finance & Capital Limited (GFCL), today announced that the UK FCA registered corporate finance adviser has been appointed to provide exclusive advisory services to the Government of the Federal Republic of Somalia. Somalia's first 'National Infrastructure & Development Fund' (NIDF) will be administered by a newly created 'Development Bank'.
The closed-ended fund has already sourced its seed-funding and when established will be managed in partnership with one bi-lateral partner. Discussions are on-going with a number of potential partners. The NIDF is expected to top out at US$500 Million with an eight-year time frame for its completion.
Speaking in Mogadishu today, Somalia's Minister of Finance & Planning, Mohamud Hassan Suleiman, said:
"As the people of Somalia seek to build a hopeful and prosperous future, we are very pleased to have appointed GFCL, an experienced corporate finance adviser, to assist in the establishment of the first Development Bank and the Infrastructure and Development Fund. Our goal in establishing the Bank and the Fund is to ensure that international investors have a professional partner in Somalia and to reassure all Somalis that investment in much-needed infrastructure will be raised as quickly as possible and directed to the sectors where there is most need."
At an international conference held in London on 7 May 2013, the Federal Government of Somalia set out its plans to address the country's many challenges in its Six Pillar Policy. The international community has agreed a number of practical measures to support the Federal Government's plans in three key areas - security, justice and public financial management. International Financial Institutions including the World Bank, the African Development Bank, and the International Monetary Fund have all committed to re-engage with the Government of Somalia and the IMF has recently confirmed its recognition of the Federal Government.
Arun Panchariya, Principal of Global Finance & Capital Limited added:
"This appointment is an endorsement of GFCL's capabilities. We are all very excited by this opportunity and we are highly motivated by the efforts the government is making to assist Somalia to rebuild its economy. As soon as we are able to, we will be releasing more details about the Fund, including the bi-lateral partner, the seed financing and governance."
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SOURCE Global Finance & Capital Limited (GFCL)