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In a significant development for Somalia’s financial sector, Gargaara Finance Limited, the country’s premier apex financial institution, has today signed a landmark partnership agreement with Idman Community Bank. This strategic alliance aims to enhance access to finance for Micro, Small, and Medium Enterprises (MSMEs) across Somalia, with a particular focus on underserved regions and sectors […]

Introduction: Somalia’s Economic Crossroads Somalia’s economy, battered by three decades of civil conflict, climate shocks, and institutional fragility, stands at a pivotal juncture. The country’s GDP, estimated at $7.5 billion in 2022, remains anchored by two traditional pillars: agriculture (40% of GDP) and livestock (20% of GDP). Yet, these sectors are increasingly vulnerable to climate change, with recurring droughts

Introduction:  A Beacon of Hope in Somalia’s Financial Landscape In the heart of Mogadishu, Gargaara Finance Limited, a financial institution born from Somalia’s resilience, is charting an ambitious course to transform the nation’s economic trajectory. Backed by the World Bank and a coalition of international development partners, Gargaara has set its sights on a bold

Introduction: The Unseen Architects of Somalia’s Recovery In the bustling markets of Mogadishu, where the scent of freshly ground spices mingles with the hum of haggling traders, a quiet revolution is unfolding. Small shop owners, women weaving intricate textiles, and young tech entrepreneurs are no longer just survivors of Somalia’s turbulent past—they are pioneers of

In a landmark event that marks a significant milestone in Somalia’s journey towards economic revitalization, the Somali Diaspora Investment Council (SDIC) officially launched its operations with a grand opening ceremony at the prestigious Jazeera Hotel in Mogadishu. The ceremony, which brought together prominent business leaders, government officials, and international partners, represents a crucial step forward

When Rima Abdukadir Ahmed initially created her cold press for extracting sesame oil, she embraced a traditional method—utilizing a camel to move a grindstone. Operating her business in a bustling area of Mogadishu, Rima tapped into a niche market that she identified herself, catering to customers seeking sesame oil for medicinal purposes. Over time, she

Mogadishu, Somalia (Date) – Somalia’s Minister of Finance, H.E. Bihi Egah, met with the leadership of Gargaara Finance Limited to discuss the development finance institution’s trailblazing efforts to expand access to capital for micro, small and medium enterprises (MSMEs) nationwide. The meeting allowed Gargaara’s management, led by CEO Sulieman A. Dualeh, to provide the Minister

Mogadishu, Somalia (May 10, 2022) – Gargaara Finance Limited’s management team met today with the World Bank’s Implementation Support Mission to review progress and align on strategic priorities for expanding access to finance for micro, small and medium enterprises (MSMEs) across Somalia. The discussions covered Gargaara’s efforts and achievements to date in disbursing funds through

Last week saw productive meetings and negotiations in Nairobi between Gargaara’s Board of Directors, management team, and key international partners including the World Bank, European Union, KFW, USAID, UNIDO, SIDA, FCDO, and NorFund. The discussions centered on Gargaara’s critical role in providing access to finance for micro, small and medium enterprises (MSMEs) across Somalia. There