By Tom Mwangi, Africa editor
Nairobi, Kenya – Swedfund, a government-supported organization from Sweden, has announced its plans to support small and medium-sized enterprises (SMEs) in Somalia.
The organization has pledged $5 million to the Nordic Horn of Africa Opportunities Fund, an investment vehicle that targets SMEs in Somalia.
The fund is managed by Shuraako, a fund manager with extensive experience in the region.
This investment marks a significant milestone in the development of Somalia’s economy, as it is one of the first commercial investment funds in the country.
The fund has $25 million in capital under management and seeks to provide loans to businesses with revenues of around or less than $1 million.
Somalia has been plagued by conflict and instability for decades, making it difficult for businesses to thrive.
However, in recent years, the country has made significant progress towards stability, and there has been a growing interest in investing in its economy.
The investment from Swedfund will help support the growth of SMEs in Somalia, providing them with the necessary capital to expand their businesses.
The investment from Swedfund is expected to have a significant impact on the Somali economy, as SMEs are vital for creating jobs and driving economic growth.
The investment will provide these businesses with the necessary capital to expand and create more job opportunities in the country. Additionally, the investment is expected to attract other investors to the region, further supporting the growth of Somalia’s economy.
Nonetheless, Swedfund’s investment in the Nordic Horn of Africa Opportunities Fund is a significant development for Somalia’s economy. The investment will support the growth of SMEs in the country, creating jobs and driving economic growth.
This investment is a testament to the growing interest in investing in Somalia’s economy, and it is expected to attract further investment to the region.
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