On February 2, 2021, the European Union launched 3 new projects in support of Somalia’s private sector. One of the projects will contribute 5.5M€ to the Nordic Horn of Africa Opportunities Fund (the ‘Nordic Fund’) which is an impact fund targeting Somali small and medium-sized enterprises. This brings the total funds that Shuraako manages (under the Nordic Fund) to $24 million. Learn more about the launch here.
Shuraako empowers African entrepreneurs, whose innovations are key to unlocking capital and improving the livelihoods of those who call the continent home.
Somali businesses like AADCO Paper Factory are working hard - and making great strides - toward securing a place on the international market where they can be competitive and bring new, innovative ideas to the private sector.
Shuraako clients Tayo Uniforms and Embroidery and Dheeman Fashion and Tailor are adapting to the COVID crisis by pivoting their sewing operations and producing masks at affordable prices
Tawfiiq Sanitation Services (“Tawfiiq”) is a registered and licensed waste collection and disposal company that was granted a public-private partnership agreement with the local municipality to collect waste materials and provide sanitation services to two Hargeisa districts.
Produces high quality furniture and aluminum products. The company also offers services for external decorations, fittings, and ceilings using gypsum. Horizon sought to increase production output and grow its market share and regional expansion.
One Earth Future’s Shuraako program empowers women entrepreneurs in the Somali region by providing affordable access to finance and tailored advisory support.
With growing demand for its products and services, Wadajir became constrained by a lack of storage space. A Shuraako-brokered investment supported the company’s construction of a 13-unit business center, including two multipurpose halls, an office, and a kitchen.
To keep up with the growing demand for its products, Dhidar needed to procure equipment to expand its facility to house a crusher site. Through a Shuraako-facilitated investment, Dhidar was able to expand the facility and efficiently increase its current production of aggregate and cement blocks.
City Furniture offers innovative, affordable, and quality wood and metal products. Through a Shuraako-brokered investment, City Furniture was able to continue the expansion of its operations by constructing a new, larger facility on a recently acquired commercial plot in Hargeisa
Through a Shuraako-brokered investment, Abu Najiib was able to obtain the funds necessary to construct a new processing location in Burao. The investment also allowed the company to procure three additional fishing boats and processing equipment