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Young entrepreneurs in Somalia to benefit from $4m Somali Salaam Bank fund

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Young entrepreneurs in Somalia to benefit from $4m Somali Salaam Bank fund
Tuesday December 14, 2021

Young entrepreneurs in Somalia to benefit from $4m Somali Salaam Bank fund

MOGADISHU (HOL) - Entrepreneurs in Somalia received a boost this week following the announcement of a $ 4 million fund by Salaam Somali Bank which will run from next year through to 2024.

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While announcing the fund during the just concluded Mogadishu Tech Summit, Salaam Bank official Said Moalim said the Salaam Entrepreneurs Fund (SEF), which was launched in 2019 with the aim of providing Micro, Small and Medium Enterprises (MSMEs) Covid-19 support as well as kickstarting business growth.

He hailed Somali entrepreneurs noting access to capital was key in turning around the country’s economy.
Somali’s are some of the most inventive, entrepreneurial individuals in the world.

With proper access to capital, and the financial ecosystem to support them, there’s really no limit to the country’s potential,” said Moalim.

Since launching, SEF has loaned US$1,054,217 to date in partnership with the Central Bank of Somalia and USAID, supporting over 1,035 entrepreneurs, 43% of whom are female, during COVID-19.  

The Mogadishu Tech Summit has grown into a platform for young entrepreneurs in Somalia most of whom have tapped into the potential of technology to start innovative startups key to rebuilding the country’s economy.

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