Artificial intelligence could improve the process of enterprise lending in fragile and conflict-affected states like Somalia.
African Economic Growth
Shuraako contributes to African economic growth. Development and regional stability cannot occur without it.
United Basic Industries (“Durdur”) is known as one of the leading water suppliers in Somaliland. Through a Shuraako-brokered investment, the company was able to purchase water purification and filling machinery, a water tank truck, and two delivery trucks.
A new fact sheet on leveraging artificial intelligence to enable enterprise lending in fragile and conflict-affected states like Somalia.
A new report drawing on Shuraako data, shows that increased access to capital plays the largest role in increasing business revenues.
Through a Shuraako-brokered investment, Sugan was able to expand its women’s clothing line and add a children’s clothing line, increasing the company’s production capacity.
To capitalize on the unmet healthcare demand throughout the Nugaal region, the company secured a Shuraako-brokered investment to build an additional facility less than 1 km from its current medical center. The investment allowed Qaran to intake up to an additional 1,500 patients monthly, helping the company to accommodate the increasing number of patients.
Founded in 2015, Haye Enterprise (“Haye”) provides transportation of construction and consumer goods for businesses and individuals throughout the Somali region. Haye operates out of a storefront near Mogadishu. Since being founded, Haye has managed to expand its operations to include general logistics services for other businesses nearby. The company provides reliable daily delivery services on behalf of its clients but ran into capacity issues due to a limited number of delivery vehicles available.
Leveraging the growing real estate industry in Somaliland and the shortage of cement bricks, the company secured a Shuraako-facilitated investment to expand its product offerings. The investment allowed Daldhis to increase its production of aluminum furniture and fittings by purchasing aluminum material and to enter the cement bricks manufacturing market.
Founded in 2013, Aayatiin School (“Aayatiin”) is a licensed K–8 school that aims to provide quality education to middle-income children in Hargeisa. In Somaliland, the demand for education wholly outstrips the supply of schools. Between 2013 and 2017, Aayatiin’s student population grew from 42 to 260—demonstrating exceptional growth in its first few years of operation, while also ensuring profitability.
Shuraako, Norfund, & IFU launch the Nordic Horn of Africa Opportunities Fund