section_path: President of Somalia/Domestic policy/International Bank of Somalia
section_name: International Bank of Somalia
paragraph_text: International Bank of Somalia
  
  In October 2014, Hassan officially opened the International Bank of Somalia (IBS) at a ceremony in Mogadishu. A number of invited officials attended the inauguration event, including Mayor of Mogadishu and Benadir Governor Hassan Mohamed Hussein Mungab, Minister of Finance Hussein Abdi Halane, Minister of Public Works and Reconstruction Nadifo Mohamed Osman, Vice Chairman of the Central Bank of Somalia, Chamber of Commerce representatives, and businesspeople. The bank was established by a group of entrepreneurs, whom the gathered officials commended for their commitment to providing international banking services to facilitate local commercial activities. Additionally, the chairman of the bank indicated that the institution possessed a swift code permitting international banking, and that its emphasis would be on developing the nation's livestock, agricultural and other economic resources.