By: Kanto
Kai Okanta
The Somali Development and
Reconstruction Bank (SDRB) has formalised financing partnerships with three
microfinance institutions under its Ramad Microfinance Program, marking a
significant development for Somalia’s microfinance and development finance sector.
The partnerships were
formalised during the Somalia Development Financing Forum in Mogadishu, held
under the theme “Financing Somalia’s Next Chapter: From Recovery to Sustainable
Development.”
The participating
institutions are Asal Microfinance, Maal Microfinance L.T.D and Himilo
Microfinance, all members of the Somali Microfinance Association (SOMMA).
The forum was attended by
President of the Federal Republic of Somalia Dr. Hassan Sheikh Mohamud,
alongside senior government officials, development partners, private-sector
leaders and representatives of financial institutions.
According to SOMMA, the
financing partnerships represent a step towards expanding Shariah-compliant
finance for micro, small and medium-sized enterprises (MSMEs), entrepreneurs
and other productive sectors of the Somali economy.
The initiative is also
expected to strengthen the role of microfinance institutions in supporting
enterprise growth and Somalia’s broader economic transformation by improving
access to financing for businesses and productive activities.
SOMMA, which is a partner of
SDRB, said it was proud to see its member institutions participating in the
national initiative and contributing to efforts aimed at advancing financial
inclusion and enterprise development.
The association
congratulated SDRB, Asal Microfinance, Maal Microfinance L.T.D and Himilo
Microfinance on the financing partnerships, describing the development as an
important milestone for Somalia’s microfinance sector.
