Somali Marine Products Cooperative (“SMPC”) has been operating in the fishing sector since 2005 and was founded by three businessmen in Mogadishu. SMPC is a medium-sized fishing processor and wholesaler. It is a prominent fishing corporation in Mogadishu supplying fresh and frozen fish and seafood products to domestic and international markets, including China and Turkey. However, insufficient cold chain equipment and an absence of its own fishing fleet have hampered SMPC’s growth.
In 2014, SMPC secured a Shuraako-brokered investment to procure equipment to improve its cold chain and freezing capabilities, allowing SMPC to process more fish and export to additional markets. After the successful repayment of its first loan, SMPC was able to secure additional financing, in 2018, to support the company in purchasing a 24-meter boat equipped with a navigation system and 30-ton on-board cold storage capacity. The investment supported SMPC to begin holding its own catch and renting cold storage space to local fishermen out at sea.
Somali Marine Products Cooperative Company Highlights