Recently Approved Loans

Hafun Fish and Processing Plant
An overhead shot of Hafun Fish and Processing Plant

Hafun Fish and Processing Plant

Shuraako is continuing to approve loans through its Nordic Horn of Africa Opportunities Fund. Recently, Shuraako approved investments into Hafun Fish and Processing Plant and Taayo Engineering Solutions Company (TESCO). Read more about these businesses below.

Hafun Fish and Processing Plant (“HFPP”) is a wholesaler and cold-chain processor of fish and other marine products. Established in 2018, the enterprise owns the only cold-chain facility in Hafun, Somalia. HFPP works with local, small-scale fishermen, purchasing product and hosting educational trainings on sustainable, responsible harvesting. Additionally, HFPP purchases most of its raw materials for the packing and transportation of their merchandise from local suppliers in Bosaso, Somalia.

To commit more fully to its practices of sustainability, the company is currently in the process of obtaining a loan from the Nordic Horn of Africa Opportunities Fund to install a hybrid solar-diesel power system in its processing plant. HFPP estimates that its consumption of diesel fuel will be reduced to twenty barrels a month, down from sixty. It plans to use the savings from the reduction to increase the volume of marine stock purchased from fishermen.

Taayo Engineering Solutions Company (TESCO)

Taayo Engineering Solutions Company (TESCO) is a brick and interlock manufacturing company established in 2014 by six engineers. TESCO also offers services in construction, solar products, plumbing, feasibility assessment, and electrical engineering. TESCO previously operated using one manual block-making machine, which did not allow the company to keep up with demand.

TESCO obtained a loan through the Nordic Horn of Africa Opportunities Fund in April 2021. With the funds from the loan, TESCO is purchasing an automatic block-making machine and stone crusher. These machines will increase the quality of its manufactured bricks while reducing the waste and hours needed to crush and shape bricks manually. The company estimates that its production will increase by 50% with the implementation of these apparatuses, meeting current demand.