Browsing: Somalia

• The Horn of Africa has been grappling with the most severe drought in 40 years since late 2020.
• Rain-fed agriculture in parts of Kenya, Ethiopia, and Somalia worst hit as harvests drop to 70 percent of normal standards.
• A United Nations-backed conference raised $2.4 billion on May 24th to address famine in the Horn of Africa.

The worst drought in a-half-century is causing severe economic hit on economies in the Horn of Africa. This is due to the economies’ heavy reliance on agriculture, and other climate-vulnerable resources.

Drought has led to reduced rainfall and water, severely reducing agricultural production. Crops failed, and pasturelands dried up. As a result, millions of heads of livestock died due to a lack of water and fodder. Millions of farmers are experiencing significant crop losses and decreased livestock productivity. Consequently, huge populations are grappling with thinning incomes and food shortages.

Agricultural losses, food insecurity

Rain-fed …

• The program, which runs for 18 months, aims to support political stabilization and reconciliation in Somalia, a fragile country in the Horn of Africa.
• In line with the National Stabilization Strategy the financing will go to water infrastructure, security, and reconciliation initiatives. 
• The EU is making tangible progress in supporting Somalia’s transition to a peaceful and stable nation. The project also seeks to enhance the legitimacy of Somali authorities in locations recently liberated within Hirshabelle, Galmudug, Southwest, and Jubaland State.

The European Union alongside the Nordic International Support Foundation have launched a $4.9 million Rapid Nationwide Stabilisation project in Somalia aimed at further strengthening the fragile country’s water infrastructure, security and reconcilliation initiatives. 

The European Union to the Federal Republic of Somalia together with the Somali authorities and its implementing partner the Nordic International Support Foundation recently launched the new program which will run over an 18-month period.

“We are …

• AfDB announces US$ 1.5 billion funding for emergency food responce
• AfDB pledges seeds & fertilizers for 20 million smallholder farmers
• Oxfam warns of famine in Somalia

In May 2022, the African Development Bank (AfDB) Board of Directors approved $1.5 billion in funding for what the bank called the African Emergency Food Production Facility; one year down the road, has the funding achieved its purpose?

AfDB President Akinwumi Adesina described the facility as a necessary support for Africa’s emergency food response in the face of shortages caused by the Russia-Ukraine war.

The bank’s President said the funding will help to significantly increase food production in Africa and avert what he at the time described as ‘the looming food crisis caused by the Russia-Ukraine war.’

Making the announcement at the Summit of G7 leaders last year in Washington, Mr. Adesina announced that the African Development Bank (AfDB) would out of its own …

According to a Fair Tech Institute whitepaper by Access Partnership, a global public policy firm for the technology sector, the annual number of natural disasters is set to increase by 37 per cent from 442 to 541 occurrences by 2025.

The whitepaper highlights the urgency with which national governments and the private sector must attach satellite technology to implement more effective disaster management efforts in Africa and globally.

The whitepaper comes after several organizations agreed that climate change would make weather-related disasters more frequent and widespread in coming years.…

Somali PM Mohamed Roble has apologised to the UAE for the seizure of US$9.6 million in April 2018.

The Somali government, at the time, said the money seized at Mogadishu airport was intended for purposes of destabilising the country.

On the contrary, the UAE claimed it was for paying the salaries of the Somali military.

Read: Mastercard signs partners to elevate e-commerce in Somalia with new debit card launch

The back story

After the seizure, security officials in Somalia said the substantial amount of cash was intercepted after the plane landed from Abu Dhabi, the United Arab Emirates, at Mogadishu airport.

There were three suitcases carrying the US$9.6 million which were put in storage inside Somalia’s national bank, according to two senior security officers.

Security officials in Somalia said they had intercepted a substantial amount of cash that landed from Abu Dhabi, the United Arab Emirates, at Mogadishu airport on …

• MyBank, Mastercard and Network International have partnered to launch a new Mastercard debit card in Somalia
• The new physical card is a first for MyBank in the country and will enable consumers to transact in-store at various points of sale and at ATMs
• The initiative is expected to contribute to significantly boosting digital payments penetration in Somalia and will be supported by an awareness programme, educating customers on the card benefits and usage

As part of continued efforts to expand access to the digital economy and drive financial inclusion in Somalia, MyBank, Mastercard, and Network International have partnered to launch a new Mastercard debit card that seamlessly enables online shopping in Somalia.

The new physical card is a first for MyBank in the country. It will enable consumers to transact in-store at various points of sale and ATMs while also giving them the ability to make online purchases through e-commerce …

• Tech hub startups are among the businesses growing immensely in Somalia
• There has also been an increasing number of potential businesses coming up in Somalia, brought about by the increased growing economy

Investment opportunities in Somalia are on the rise, driven by increasing diaspora remittances.

This is according to various experts among them Silicon Horn co-founder Awil Osman who emphasized the need of using remittances to grow the startup ecosystem in the country.

“Tech hub startups are among the businesses growing immensely in Somalia. There are now more than 15 of them. The startup ecosystem is rapidly going regional,” Osman said.

Commenting on the same, Pangea Trust Managing Director Anne Lawi said that there has been an increasing number of potential businesses coming up in Somalia, brought about by the increased growing economy.

“We see the potential to increase the share of remittances set aside as investments to 25 per …

Trade between the two countries has also suffered from the March 2020 Somalia ban of the importation of Miraa/khat from Kenya. This followed a decision by Kenya to stop issuing visas on arrival to Somalis.

But there could be a silver lining for traders from both countries since in August 2021, Somalia Prime Minister Mohamed Hussein Rooble assured that cross border trade between Kenya and Somalia would resume soon.

Prior to the announcement, Rooble held a closed-door meeting with Somali traders in Mombasa Wednesday. The meeting called for the strengthening of the diplomatic relationship between the two countries and the continuous collaboration in different sectors of the economy.…

The World Bank has announced its first investment in Somalia’s health sector in 30 years.

In a statement, the bank says it has approved the Improving Healthcare Services in Somalia Project, known as “Damal Caafimaad”.

The project is financed by a US$75 million International Development Assistance (IDA) grant and an additional US$25 million grant from the Global Financing Facility for Women, Children and Adolescents (GFF).

The organization says the project will deliver essential health and nutrition services and improve health service coverage and quality in some of Somalia’s most disadvantaged areas.

These include Nugaal (Puntland), Bakool and Bay (South West), Hiraan, and Middle Shebelle (Hirshabelle).

World Bank projects that around 10 per cent of Somalia’s population, as well as internally displaced persons (IDPs) and nomads in the target regions, will benefit from the project’s activities.

It is also expected to strengthen the stewardship capacity of Somalia’s Federal and State Ministries …