Shuraako continues to demonstrate that its model for bridging the institutional gap between western finance and Somali businesses and financial institutions is extremely valuable to development finance institutions around the world for its ability to foster sustainable economic opportunities in the Somali region. The trust that Shuraako has cultivated between Somali entrepreneurs and financial institutions within the Somali region and abroad was evident in the progress Shuraako made in scaling success in 2020.
The Nordic Horn of Africa Opportunities Fund raised $10.2 million in direct investment from Norwegian and Danish DFIs, bringing the Fund’s assets under management to $18.2 million. By placing these funds with credit-worthy businesses and systematically creating incentives for repayment, Shuraako is enabling sustainable economic growth and job creation throughout the region, each considered by One Earth Future to be cornerstones for peace. Shuraako raised an additional $5.0 million in technical assistance from Danida, the Danish Development Agency. This funding provided emergency relief to Shuraako’s portfolio investments due to Covid, as well as technical assistance to further bolster the Somali entrepreneurs working with Shuraako.