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    The 7th Session of Uganda-DRC Joint Permanent Commission Senior officials meeting at Speke Resort Munyonyo, Meera conference hall. Strengthen cooperation between Uganda and DRC.
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    Sensitization And Training Of District Commercial Officers And Private Sector Umbrella Organizations On Competition Law And Practices At Ridar Hotel-Uganda 27th -28th September 2018
  • EAEA agri-business Members who attended the National Ploughing Championship, Dublin, Ireland 2018
  • Members of EAEA at a press meeting at the Irish Embassy in Kampala
  • A Delegation of EAEA Members at the Irish Embassy Kampala, before they set off to Ireland to attend the National Ploughing Championship
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  • Encouraging the development of infrastructure (factory shells, incubation centers e.t.c) for the promotion of Entrepreneurs activities

Norfund to fund Somali’s small businesses

Source: Internet Photo

The Norwegian investment fund for developing countries (Norfund) has set up a $10 million kitty to support small businesses in Somalia.

Norfund, together with the Danish investment fund for developing countries (IFU) and Shuraako, an arm of One Earth Future (OEF), have set up the Nordic Horn of Africa Opportunities Fund to help small and medium-sized enterprises.

Dubbed Murabaha, the Sharia-compliant investment instrument can offer financing of up to $25,000.

The capital is expected to fund energy, fisheries, agriculture, light manufacturing and hospitality sectors across Somalia to help entrepreneurs to build sustainable businesses and contribute to the economy and create employment.
“The fund focuses on post-conflict and fragile states by building sustainable societies,” said Norfund chief executive officer Kjell Roland.

Norfund, being the main investor, has committed $3 million, IFU $2 million and Arsenault Family Foundation $2 million.

The Norwegian Ministry of Foreign Affairs gave $3 million for first loss component.

Other partners are the Development Fund (Utviklingsfondet) a non-governmental organisation active in Somalia and a network of Nordic Somali diaspora.

Source: The East African Online

 

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