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 was mutual appreciation for the important roles played by each party in supporting economic development and financial inclusion in Somalia. All sides recognized the paramount importance of ensuring access to capital and financial services, especially for underserved sectors like agriculture, livestock, fisheries, and renewable energy.
The meetings allowed Gargaara’s leadership to update partners on their progress in disbursing funds through partner financial institutions to entrepreneurs and businesses nationwide. Gargaara has already provided over $3.7 million in financing since 2020, with plans to rapidly scale up lending to $20 million by 2024 across all regions.
Looking ahead, there was strong consensus on working collaboratively towards the common objective of empowering Somali individuals, businesses, and communities through expanded access to finance. Gargaara aims to engage additional donors and investors aligned with this mission of inclusive economic growth.
With renewed commitments from international partners, Gargaara is well-positioned to accelerate efforts to build a vibrant MSME sector that unlocks entrepreneurship, creates jobs, and drives sustainable development for the benefit of all Somalis.