Somaliland Minister of Commerce and International Investmentย Mr. Hussein Aadan Egeh “Deyr” along with the Minister of National Planning and Development Mr. Ali Shoombe and Minister of Civil Aviation Mr. Omar-Yare, have today launched a new 3 million World Bank funded project called “Somali Business Catalyst Fund: Round 1”.
The project will be implemented across all regions of Somaliland to further develop the private sector and create new jobs.
According to the Minister of Commerce, the project isย mainly provision of small and medium grants to successful proposals byย local business people who aim to start-up new businesses or improve existing ones.ย Itย will jointly be managed by Development Alternatives Inc. (DAI) and Ministry of Commerce and International Trade of Somaliland with financial and technical support from the World Bank.
The objective of the project is to catalyze Somali entrepreneurship into business which provide long-term benefits to the economies of Somaliland and boost economic growth by establishing and expanding profitable businesses, strengthening business productivity through funding the development of business and technical services, as well as stimulating financial sectors to provide financial service for Somaliland businesses.
Mr. Hussein Deyr and other Ministers from the Government urged Somaliland communities to take advantage of this opportunityย and come up with innovative and feasible projects that could be both profitable and sustainable.
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