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.
Invest In Africa
Shuraako encourages investment in Africa: a continent that is home to some of the world’s fast growing economies, vast natural resources, pioneering entrepreneurs, and immeasurable opportunities.
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.
A purified water and dairy milk manufacturer. Through a Shuraako-brokered investment, Al-Kawsar was able to drill an additional 220m borehole to increase its water production and provide a continuous water supply for farm and factory.
Through a Shuraako-facilitated investment, Bardaale was able to procure a truck, which reduced its high transportation rental costs while allowing it to transport a higher volume of produce to market in a timely manner.
One Earth Future’s Shuraako program empowers women entrepreneurs in the Somali region by providing affordable access to finance and tailored advisory support.
Through a Shuraako-facilitated investment, the company was able to expand its serviceable area and reach new clientele by procuring land, an 800 m3 water tank, and solar equipment (26.5 kw). This investment allowed Ijaabo to fully utilize its new well, established in 2015 through a previous Shuraako-brokered investment.
Through a Shuraako-facilitated investment, the company was able to further expand its clean water service by increasing its production and storage capacity. With the investment, the company was able to dig an additional borehole, construct an additional water tank, and procure a solar water pumping system.
In partnership with Shuraako and Oxfam, Work in Progress! is a program offering tailored business development services (BDS) to selected medium and small sized enterprises (SME) that demonstrate strong potential for employing women and youth in Somaliland.
Established in 2012, Mumin Dairy Farm “Mumin” is a dairy production business that sells camel milk in Hargeisa, Somaliland.
Dalmar Transportation Cooperative “Dalmar” was established in Bosaso, Puntland in 2012 to provide truck drivers and transportation company owners with limited coverage to specific risk events.