Supporting remittance flows to Somalia (WB-P158235)

Countries
  • Somalia
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 14, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Central Bank of Somalia
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Law and Government
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 3.13 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 3.13 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Jul 17, 2017

Disclosed by Bank Dec 8, 2015


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Project Description
This project finances an interim set of activities to support the supervisory role of the Central Bank of Somalia during the UK-Somali remittance, as well as support the Somali Government’s plan on the formalization of the Somali financial sector in two phases. The first phase includes technical assistance to the Somali government for the drafting of regulations for the money transfer operators sector and the procurement of a "Trusted Agent" to work with the Central Bank of Somali, and the second phase focuses on implementation.
Investment Description
  • World Bank (WB)
This project is funded by the World Bank's Somalia Multi-Partner Fund.
Contact Information
Contact: Marco Nicoli Title: Financial Sector Specialist Tel: 473-4453 Email: mnicoli1@worldbank.org Contact: Emily Rose Adeleke Title: Financial Sector Specialist Tel: 473-6902 Email: eadeleke@worldbank.org Borrower/Client/Recipient Name: Central Bank of Somalia Contact: Bashir Issa Title: Govenor Email: governor@centralbank.gov.so ACCOUNTABILITY MECHANISM OF WORLD BANK The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.