PRESS RELEASE: SUCCESSFUL COMPLETION OF SHORTLISTING
Somalilandsun – The Somaliland Business Fund (SBF)has shortlisted 156 project concept notes for further consideration, after receiving a total of 2114 project concept notes for Round 2 grant funding support.
The number of concept notes received in Round 2 represents an increase ofmore than 50% from Round 1 and the shortlist comprises 34 large and 122 small projects. The SBF anticipates being able to commit all of the available remaining $ 6 million in the SBF budget this round.
A Grants Advisory Panel (GAP), comprising 5 Ministers, representing different regions within Somaliland, one academic institutionand two well-established NGOs, reviewed all of the projects shortlisted for a grant by the Fund Management Unit (FMU).
The SBF aims to select and announce the awarding of small grants in February 2014 and large grant beneficiaries in March 2014.
The Somaliland Business Fund aims to mobilise the creative energy and resources of the private sector to create jobs and improve incomes for Somalilanders. The Fund does this by helping businesses develop new products, enter new export markets, improve their productivity and become more innovative.
The Fund seeks to support applicants who can demonstrate robust management and financial capacities, as well as an existing market presence and reputation to deliver their projects successfully. Projects are assessed on the basis of the viability of the business idea and the likelihood of a positive developmental outcome that can be measured in terms of new jobs, products and wealth created that benefit Somaliland and its citizens.
SBF is implemented by Landell Mills Limited (UK), an International Development Consultancy, and managed by a Fund Management Unit(FMU) based in Hargeisa.
For more information please contact: David Mitchell –The Fund Manager
Tel: +252 63 485 0660 & or visit www.somalilandbuisnessfund.com
