in Short

Somalia: EU support for the private sector

The European Union (EU) has just launched 3 new projects worth € 11.8 million ($ 14.3 million) to support the private sector in Somalia. According to HE Nicolas Berlanga, EU Ambassador to Somalia, the launch of these 3 projects, comprising revolving funds, loan guarantees, technical assistance and collaboration to improve the business climate, is likely to attract European investors in the country and bring stability and prosperity. All of this is possible under the new partnership which enables financial institutions to successfully provide relevant financing to local SMEs while supporting the investment climate.

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