Remittances not only help reduce poverty by enabling people to help their loved ones pay for food, shelter, medicine, education and other basic necessities. The funds are invested in business, agriculture, construction, promoting development and creating jobs.
For remittance firms that work in Somalia, it is striking how much the country has changed in recent years. For the first time in more than two decades, it has a government recognised across the world, including by the United Nations, United States and European Union. A sure sign of how much the situation has improved was US Secretary of State John Kerry’s recent trip to Mogadishu, the first ever visit by a US Secretary of State. And with Turkish President making three trips to Somalia and numerous other top leaders from the around the globe the country has made a remarkable come back to the global stage.
Other countries are also heavily involved in the reconstruction of Somalia, including Turkey, Qatar and the UAE. Ministers from Igad recently held their regional meeting in Mogadishu.
Another key factor in the improved situation in Somalia has been the contribution of its dynamic private sector, including the remittance firms. It has helped rebuild the country, create jobs, provide investment funds and has, through its corporate social responsibility activities, supported health, education and sports.
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