Bridging Investment Gap in Somaliland
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|Somaliland: World Bank Initiates Economic Growth Programme|
|Sunday, 16 September 2012 19:59|
By: Yusuf M Hasan
HARGEISA (Somalilandsun) – Local entrepreneurs are set to benefit from a World Bank funded economic growth program EPG.
The World Bank revealed this during the launching of the second phase of the EPG that targets all categories private sector business concerns ranging from Small Market Entrepreneurs-SME' to the Big concerns nationwide.
The vice president Hon. Abdirahman Abdilahi Ismail Sayli officially launched the EPG at a ceremony held in Hargeisa with a joint government- World Bank representation.
The VP who thanked the World bank for the multi-million dollar EPG project said that, the intervention of the global financial body was a clear indication of the respect the country and its private sector has earned internationally for the discernible development strides undertaken without external support in the past 21 years.
While officially launching the EPG, VP revealed that the World Bank is also assisting the government with various agreed upon public service related development projects, said he, "So far the global financier has already completed an assessment study of Berbera port which is a prelude to important extensions and modernization"
The two senior world bank officials at the function, Mr. Denis Dann and Najib Hasan Hashi urged local entrepreneurs to utilize the programme properly not only for the growth of their personal business but for the good of the country as well.
Mr. Denis Dann informed who said that the selection process would be fair and impartial informed that beneficiaries would be chosen after nationwide calls for proposals detailing all conditions necessary is made public thus ensure that every Somalilander is aware of the opportunities of the EPG.
Said he, "Those business big or small to be benefit from the EPG will be selected from applicants that fulfill pre-set conditions for funding.
According to the minister of commerce and industry Hon Abdirazak Khalif Osman, selected business would receive commercial development funds ranging from $5000 to $150,000
"The EPG does not discriminate commercial activities thus all private sectors entrepreneurs i.e. Fisheries, Minerals, Import/export, Hospitality industry, Transport, Small consumer outlets etc. shall benefit" Said minister Abdirazak.
He stressed on the imperative need for those benefitting initially to utilize the funds as planned and achieve target outcomes in-order to show appreciation as well as motivate the World Bank to increase funding.
It is anticipated that implementation for the World Bank funded economic growth programme shall begin immediately ongoing preparatory arrangements are complete.