The main objective of this project initiation plan is to support the Ministry of Planning, Investment and Economic Development (MoPIED) to strengthen three (new and interrelated) main functions: a) establishing national advisory economic development functions (NEC and EPAU, and technical support to the Pillar Working Group on Economic Development), b) establishing an appropriate investment promotion function and c) developing a supporting function allowing project ideas to be transferred into bankable investment proposals/projects.
The present project is proposed to allow the Ministry to respond to the urgent requirements and expectations the Somalia society of the Somali Government to deliver on the priorities as documented in the National Development Plan, where economic recovery and increased resilience against natural or socio-economic shocks are paramount in the overall approach to improve the quality of life of the Somali citizens.
The specific areas that will be supported through this 6-months project are:
Establishment of the National Economic Council;
Strengthening investment promotion capacities in Somalia; and
Establishment of Investment Project Design unit.