Somalilandsun - The Grant Advisory Panel (GAP) for Somaliland Business Fund metlast week in Hargeisa to award 21 large grants worth a total of US$2.5 million to investors in Somaliland. For this award agribusiness and renewable energy were the most successful sectors. The 21 grants are between $50,000 to $150,000 and are covering widely across Somalilands mayor cities, such as Hargeisa, Borama, Gabiley and Las Anod.
They are expected to create over 600 jobs of which more than 30% will be for women and 15% for youth.
The purpose of the fund is to strengthen the private sector, increase incomes and create new sustainable employment opportunities and thereby improve the lives of Somalilanders. The Fund offers grants to the Somaliland private sector ranging from $5,000 to $150,000 for projects involving business development services and/or fixed assets. More than 59 small grants worth a total of US$2.1 million (US$35,000/grant) were awarded back in March 2013, which is foreseen to create more than 600 new job opportunities. The first round of 80 small and large grants thus awarded a total of US$4.6 million and will together create an estimate of 1,200 new job opportunities for Somalilanders.
Somaliland Business Fund launched on September 15, 2012 is financed by Denmark, UK/DFID, and the World Bank's States and Peacebuilding Fund and managed by the company Landell Mills. The second window of applications opens on June 21 and closes on August 10, 2013.
For further information please see: http://somalilandbusinessfund.com