Somalilandsun: Youths in the Somaliland have something to cheer them up after Amal Bank introduced a fund to promote young entrepreneurs who lack access to capital.
One of the major banks in Somaliland Amal Bank has initiated a new project to uplift young entrepreneurs from shackles of poverty. In an event hosted by the bank which was attended by ministers, women groups, civil society and the governor of the Central Bank of Somaliland the program was put into action.
Most of the participants who spoke at the venue revealed that this project by Amal Bank was long over due and will go along way in changing lives of the youth.
Speaking at the symposium Amal’s Bank Executive Chairman Mr.Abdifatah Ismael Dahir revealed “Indeed we are very happy to introduce this program called (Dhalin Kaab) also known as youth promotion to develop young entrepreneurs by giving them access to financial services. As we all know 80% of developing countries economies are run by small and middle level enterprises, and for this reason our bank put a lot of effort to make this venture a reality. Many young entrepreneurs come across many challenges in accessing business capital and that’s where Amal Bank comes into the picture. We want to address this problem afflicting our youths. As we are all aware 70% of our population is comprised of the youth, and most of them are university graduates. Needless to say most of them are unemployed.
Hence we asked ourselves what should we give back to the community through our corporate social responsibility programme that’s when we deemed it fit to support the youths. We aspire to create employment , fight emigration and help upcoming entrepreneurs to participate in the economic development and growth of businesses that’s why youth empowerment comes in”
The Amal Bank CEO said that their bank priority mission is promoting young entrepreneurs who are the backbone of the country’s economy to succeed in business.
He went on to say “For instance Amal Bank was founded late September of 2020 and the first investment we made 65% went to the young entrepreneurs. Late last year we funded small scale women traders.”
Amal Bank chairman revealed that ‘Dhalin Kaab’ also known as youth promotion is a funding program whereby youth entrepreneurs are given interest/profit free business capital. He confirmed that the youth entrepreneurs promotion fund is a grant whereby 50% of the money will be free and the remaining 50% will be repaid after one year grace period.
Also speaking at the venue was the governor of Central Bank of Somaliland Mr.Bagdadi he said “Amal Bank has with no doubt embarked on what was expected of them. They have proved that they can positively change the dynamics of the economy by engaging with those that matter most women and the youths. That’s why when they wanted to set up their bank we removed all bureaucratic obstacles to their endeavour.”
Amal Bank reputation and endearment to the people has skyrocketed following their arduous move. This was affirmed during an impromptu interviews of ordinary people on the streets of Hargeisa and other towns in the country.
By: Guled Abdi Mahir