“While we welcome and appreciate continued investments that drive the country’s development by the diaspora we urge a rethink thus a proportional availability of funds and expertise from our citizens abroad” Commerce minister
By: Yusuf M Hasan
HARGEISA (Somalilandsun) – The country is slowly starting to accrue tangible benefits from its sons and daughters in the diaspora with the unveiling of Somali star Investements Scheme that Offers Exciting Development and profitable Opportunities as proof.
Visiting Somalilanders from the diaspora to the city by storm during the launch of Somali Star Investments-SSI by its parent company Transparency Solutions at ambassador hotel in Hargeisa where the country’s visiting sons and daughters from the diaspora congregated to witness one of their own formally establish local operations.
Though the diaspora was there in large numbers the locals were not left out at the venue thus witness the birth of an innovate institution that intends to help develop the country by harnessing diaspora and foreign investor funds but of course for profit to all.
To officiate at the launch of the SSI was the minister of Commerce Hon Abdirizaq Khalif Ahmed flanked by the chairperson of the chamber of commerce and Industry Mr. Mohamed Shukri, CEO Transparency Solutions Mr. Abdilatif Ismail, Operations Manager of Salaam Financial Services Mr. Abdiqani Hariri Ismail, Chairperson of the Somaliland Diaspora coordination Agency Mr. Mahmud Abdirahman and at USAID’s Partnership for Economic Growth the programe Manager Mr. Suleiman Mohamed among others.
Somali Star Investments which is a brand name of Transparency Solutions TS is a Somali-led organization based in the UK and now Somaliland. According to the TS CEO Mr. Mr. Abdilatif Ismail the company has considerable expertise in sustainable economic development as well as a world-class reputation for research, evaluation, project management and training that they intend to utilize locally in-order to foster faster development.
Said he, “The new investment scheme offered under the Somali Star Investments (SSI) are financial instruments that are specifically designed to raise funds for much needed capital-intensive infrastructure projects across the country. These include both social (hospitals and educational institutions, waste/sanitation) and economic infrastructure (roads, ports, telecoms, renewable energy and power, water) and other priority areas/sectors”
As he officially unveiled the Somali star investments scheme the commerce minister Hon Abdirizaq Khalif Ahmed thanked the Transparency Solutions management for their bold initiative informed of what a big part the diaspora community plays in the local economic development while stressing on the importance of knowledge and skills transfer from required in order to foster tangible and sustainable advancements in commerce.
Said he, “While we welcome and appreciate continued investments that drive the country’s development by the diaspora we urge a rethink thus a proportional availability of funds and expertise from our citizens abroad”
According to the commerce minister the availability the access to funds and expertise shall enable the nation elbow its way into the digitalized global market at a fast pace.
Transparency solutions managed to access a USAID grant of $100,000 due to its proposal that had as its components objectives targeted by the Partnership for Economic growth thus winning the highest grant of the 12 recipients business and one NGO.
This was revealed by the USAID’s Partnership for Economic Growth the programe Manager Mr. Suleiman Mohamed who justified the award of the hefty grant package to Transparency solutions on account of:
• Innovative ideas to attract investment;
• potential to create employment, through potentially initiating big projects;
• Consortium of credible partners – TS, Salaam, and Hamstrings
• Funds to match the Partnership’s contribution
• TS’s work relates to three of the Partnership’s activities:
• Investment promotion – Investment Guide;
• Partnership Fund;
• Energy work – TS’s drive to have as its first major project as alternative Energy
The youthful programe manager described the objectives of his organization which is currently setting up a wind mill and wind data collector that will supply electricity to Egal international airport from early May 20013 as the Support of enabling environment for Investment, Increase productive employment, Strengthen Economic Growth and stability
“With ample funding from USAID the partnership for economic growth meets these impactful objectives by working in close partnership with government and private sector” Said Manager Mr. Suleiman Mohamed.
In pursuit of realizing objectives informs the Transparency Solutions Managing Director Mr. Sharmarke A Jama the SSI is one such financial instrument SSI which in conjunction with its partner of Salaam Financial Services, is targeting the diaspora with Somali Star Bonds.
“Pioneered in the 1950s, Diaspora bonds is one way to raise much needed funds from émigrés living overseas as well as from local Somali investors and they have been used to great effect by other developing nations throughout Sub-Sahara Africa and the world” informed Mr. Sharmarke Jama during the SSI launch.
Somali Star Investments which is the result of a partnership between Transparency Solutions (TS), Salaam Financial Services and Homestrings Inc. and a beneficiary of a hefty grant from the USAID funded partnership for economic growth whose initial focus will be wind power.
According to MD the desire to initially focus on energy emanate from an intent to offer citizens an alternative source of energy and renewable at that as a prelude to relieving the burden imposed by prevalent exorbitant prices of electricity which are one of the highest in the world at $1 per Unit.
Said he, “We are in the process of converting wind energy into electricity while other longer term planned projects include hospitals, schools, solid waste management, water infrastructure, roads and telecoms developments”
While informing that Somali Star Investments (SSI) have been specifically developed to provide maximum developmental impact from the widest possible range of investors and the differing levels of funds available to each Mr. Jama who addresses his comments to the diaspora says,”By choosing to invest in an SSI fund, you will be helping to create a stronger and healthier homeland”
Somali Star Investments comprise a portfolio of different financial instruments all with a shared purpose: To enable investors to invest in infrastructure projects which will make a significant and lasting difference to the lives of people in the Horn of Africa region. We believe that strategic investment and expertise will bring significant levels of enterprise, prosperity and stability to transform the region and the lives of its people.
Somali Star Investments (SSI) have been specifically developed to provide maximum developmental impact from the widest possible range of investors and the differing levels of funds available to each. By choosing to invest in an SSI fund, you will be helping to create a stronger and healthier homeland.
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