Somaliland Minister of Trade and International Investment, Hon. Hussein Aden Egge(Hussein Deyr), on Sunday launched the World Bank funded Somali Core Economic Institutions and Opportunities Program (SCORE), in Hargeisa.
The World Bank funded SCORE project will be implemented in Somaliland with the aim to improve an enabling environment for private and financial sector development and to catalyze private investment and job creation.
Somaliland Minister of Trade and International Investment speaking during the launching ceremony said, “Today attending the launching of newly established Small and Medium Facility(SMEF), which is World Bank funded project and one implemented in partnership with BDO LLP, will provide training, coaching and business development services to small businesses and service providers, including successful grantees of the Catalytic Fund.
Hon. Hussein Aden Egge (Hussein Deyr) further stated, “The goal of supporting core economic institutions linked to trade, financial sector and private sector development in Somaliland hence the need for citizens to participate in the program.
The Minister of Trade went on to say, “The SCORE Project will provide vast opportunities intended at promoting women’s economic empowerment is seen as one of the most important driving forces behind reducing poverty and aiding economic growth through supporting them be part of the private sector development as agriculture, livestock, fisheries, manufacturing, and similar ventures. The Project will last for the duration of one and eight months.
“I would urge fellow citizens to use this opportunity and take part in the project which will be beneficial to our nation’s economy. On the other hand, we lag behind in term of innovation and technological know-how (skilled workforce) nor are we industrial developed nation, so today we gather here to launch Small and Medium Enterprise facility (SMEF), a project which will change the status quo and that’s why whoever shall be eligible for the project shall will benefit from the skills he/she shall acquire from the training for managing their future business”, he said.
Hon. Hussein Aden Egge (Hussein Deyr) lastly thanked all distinguished guests, academicians business leaders, universities students, heads of governmental agencies and representatives of international organizations for attending the launching of the project.
Somaliland Minister of Civil Aviation and Air Transport Hon Omer Sheik Mohamed Farah speaking at the function said, “We should not be choosy when starting a business for instance the location which you will setup shop due to you tribal affiliations instead you should come up with a viable business plan cover the whole country.
The funds for the project are not meant to be used for camel riding or to be wasted on a fenced piece of land whereby only two lemon trees grow, instead they should be used to improve the enabling environment for private and financial sector development and catalyze private investment and job creation.
He added, “The purpose of the fund is not meant to be put in pocket, but for job creation to benefit the Somaliland citizens so what I mean if that’s not your mission please don’t waste your time because you won’t be given another chance”.
Dr. Edna Aden Ismail speaking during the launching of World Bank funded SCORE Project said, “We are talking about investment should note that investing in women has higher returns, both economic and non-economic, than investing in women are more likely to share the rewards of these returns with others, such as their children, bringing benefits for their education and health.
The Director General in the Ministry of National Planning and Development Mr. Hassan Omar Horiir speaking during the occasion, “The Republic of Somaliland has a dynamic and highly entrepreneurial private sector; however, constraints do exist including due to factors such as limited access to finance, skills shortages and limited regulatory and institutional capacity to support the financial and private sector limit prospects for sustained, buts we hope through such projects as SCORE things stand to change.
Mr. Jamal Aidiid Ibrahim, the deputy chairman of Somaliland Chamber of Commerce speaking during the launch said, “Those applying for the funds should apply do so through the proper channels as required; He added the projects is two phased starting with the training, coaching and business development services to small businesses and service providers, including successful grantees of the Catalytic Fund.
