Despite its success, by 2015, outdated infrastructure and equipment threatened its operations. Recognizing the need for transformation, SNFC partnered with One Earth Future's Shuraako program to revitalize its business.
Overcoming Challenges Through Strategic Investment
In 2020, Shuraako facilitated a $300,000 investment from the Nordic Horn of Africa Opportunities Fund (NHAOF) and technical support from USAID’s GEEL Project. This investment enabled SNFC to rebuild its aging factory and construct a state-of-the-art processing facility equipped with modern freezers and storage units. The funding was also used to acquire two 10.5-meter fishing boats, 4,000m² of land, two refrigerated storage containers, and packaging materials. Shuraako’s five-year repayment plan with a six-month grace period provided financial flexibility, allowing SNFC to focus on growth, even during the challenges of the COVID-19 pandemic.
Impact
Shuraako’s support has been transformational for SNFC and Somalia’s fishing industry in the following ways:
• Job Creation: Permanent staff increased from 30 to 50 employees (67% growth), with an additional 50 seasonal workers hired during peak seasons. Partnerships with 21 fishing cooperatives operating up to 30 boats each have created further job opportunities across coastal communities.
• Economic Growth: Production capacity surged by 30%, boosting revenues and increasing tax contributions to the Somali government.
• Market Expansion: SNFC now meets international quality standards, exporting 80% of its products while continuing to supply high-quality fish domestically.
• New Services: The company introduced processed fish products, such as cleaned and gutted fish, catering to diverse market preferences.
A Model for Sustainable Growth
Through Shuraako’s support, SNFC has modernized its operations, expanded its asset base, created jobs, and strengthened Somalia’s fishing sector. This success not only enhances SNFC’s business but also uplifts the livelihoods of fishermen and workers, reinforcing Somalia’s private sector as a foundation for long-term stability and growth. SNFC’s success is another example of how tailored financial solutions and strategic partnerships can drive sustainable economic development.
