Shuraako recently submitted the 2020 Annual Report for the Nordic Horn of Africa Opportunities Fund. Read more to see some of the highlights!
One Earth Future's Shuraako program (Shuraako meaning “partnership” in Somali) connects investors with promising Somali-based businesses to encourage economic development and stability throughout the country. On March 23, 2018, One Earth Future Africa, in partnership with Shuraako and the Arsenault Family Foundation, signed the Limited Partnership Agreement for the Nordic Horn of Africa Opportunities Fund. Since launching the Fund, Shuraako has approved investments into 50 businesses.
During 2020, 14 investments were approved for a total of $4.8 million. Investments were approved across five economic sectors: agribusiness, fishing, manufacturing, renewable energy, and services. Below, you will find a more detailed breakdown of the loans approved in 2020.
Distribution of Loans By Sector 2020
Loans Approved in 2020
|Company Name||Sector||Loan Amount|
|D. Agricultural Farm||Agribusiness||$100,730|
|A.G. & R. Processing Center||Agribusiness||$139,150|
|G.S. Parts, T. Puncture, & C. Services||Services||$250,000|
|T. Household Plastics||Manufacturing||$299,995|
|S. Technologies||Renewable Energy||$500,000|
|B. Electricity Company||Renewable Energy||$749,990|