Somalia is drafting regulations to govern investment in energy sector following decades of absence of functioning government institutions.
Speaking at two-day Energy Forum In Mogadishu, Somali minister for Energy, Salim Aliyow Ibrow said the country needs to develop its energy sector through renewable energy resources.
“We are working on now with the support of the international partners to start the regulatory framework for energy. We hope in the next three or four months, we will get it ready,” said Ibrow adding, “The country needs investment to harvest energy from the sun, water and wind. The investment will develop industries and hence employment,” said Ibrow.
Ibrow applauded Private Sector for its commitment fill the gap left by the government institutions which collapsed in 1990s.
“I congratulate the private companies that stood in taking care of the energy needs of the public in the country but you also need the government to assist you in the field,” the minister commended.
The stakeholders, among Planning, Public, UN and investors said sustainable energy is vital for achieving progress and stability in the country.
UN Envoy to Somalia and Head of UNSOM, Michiael Keating said Somalia has enormous energy resources which can be used to address health, education, social, environmental and security challenges facing the country.
“At the moment it’s fairly unregulated and even though some businesses are making money, it is very small compared to what could be done if the sector was more regulated,” Mr. Keating noted.
The forum which will be discussed challenges facing the energy sector that include low rates of investment and the high cost of energy in Somalia concludes on Wednesday.