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 works with small and medium enterprises, the predominant contributors to Somalia’s economy.
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
An early childhood education facility that provides quality education to children in Somalia by offering programs that complement the educational services typically offered by public and private schools.
Though demand for newer vehicle models has risen in Somaliland, most garages are still unequipped to service them. Through a Shuraako-brokered investment, Gaameelo was able to tap into this market and increase its yearly profits.
In addition to its accommodations and in-house restaurant, Crown has become very popular for events in Hargeisa such as weddings and ceremonies. Through a Shuraako-brokered investment, the company was able to renovate the hotel space, install an elevator, and purchase equipment, supplies, and decorative items for the day spa and beauty salon expansion.
Shuraako is now accepting applications for the 2019 Work in Progress! program. Selected small and medium enterprises (SME) will receive tailored business development services (BDS) ranging from fundamental business principals, concepts and services, to individual enterprise advisory and technical support. Work in Progress! is intended to enhance participants’ capacity to create jobs for women and youth and increase the likelihood of securing funding for business expansion.
Shuraako, Norfund, & IFU launch the Nordic Horn of Africa Opportunities Fund
The program is intended for female and youth entrepreneurs who lack sufficient collateral or possess other non-financial credit challenges by increasing their access to finance.
After securing financing through Shuraako, East and West added three large coach buses to its fleet. The three additional coaches are being used to introduce a new route to Las Anod and increase the frequency and capacity of the existing routes.