World Bank grants scheme to create 3,500 jobs in Somaliland
A World Bank business support project will create approximately 3,500 jobs in Somaliland with a third of these dedicated to women by mid next year, the Bank has said.
The jobs creation programme launched in Somaliland this past week will see between 150 to 200 businesses benefit from grants aimed at stimulating business and creating more jobs in the region. The first round will provide grants to 35 enterprises creating 964 jobs with subsequent cycles of funding opening up 3,500 job opportunities by June 2018.
World Bank Somalia country representative Hugh Riddel said the job creation programme forms an integral part of the Bank’s mandate and access to finance is critical to building businesses and spurring innovation.
“Increasing employment opportunities is at the heart of the World Bank’s work,” said Riddel, adding, “Access to finance has proved to be an effective way of creating employment, increasing revenue, encouraging equity and promoting innovation.”
The program under the Somali Business Catalytic Fund (SBCF) will be executed on the basis of strict eligibility conditions and careful appraisal building on lessons from the 2012-2015 Somaliland Business Fund also by the World Bank.
The Somali Business Fund awarded more than $10.5 million in grants to 175 investment projects, as well as matching private investments of an additional $10 million. The majority of projects were in agriculture, livestock, fisheries, manufacturing and green energy, the Bank said July 2014. Larger grants above $50,000 went to support renewable energy and solid waste management projects.
Somaliland planning and development minister Mohamed Ibrahim Adan hailed the programme and called for increased female participation.
“I am delighted to see many businessmen and women increase their productivity and create jobs through the SBCF,” said Mohamed Ibrahim Adan. “The next step is to increase female participation in the 2018 funding cycle.”
SBCF is specifically designed for businesses that focus on innovative processes, products and markets new to the region. It is also intended to stimulate the business and technical services industry to build sector expertise in agriculture, livestock and energy, among others.
The SBCF falls under the Somali Core Economic Institutions and Opportunities (SCORE) Program which aims to improve improve the enabling environment for private and financial sector development, and catalyze private investment and create jobs in Somalia.
It is funded by the World Bank’s Multi Partner Fund (MPF).