financing

Somalia: Hormuud Telecom, Get-Phone Launch Somalia’s Largest Smartphone Financing Program to Bridge Digital Divide MOGADISHU, Somalia — Somalia’s biggest telecom operator has teamed up with Get-Phone in a bid to put smartphones within reach of millions who have so far been priced out of the country’s digital economy. Hormuud Telecom said Tuesday that the partnership will introduce Somalia’s first formal smartphone financing program, a move designed to narrow the affordability gap that still keeps many low-income Somalis…

Global Gateway in Somalia: Investment with a Human Face — and Hard Questions MOGADISHU — When the European Union rolled out its Global Gateway initiative in Brussels this month, the message was simple: funnel European capital into connectivity projects across Africa, Asia and beyond, and build ties that can withstand geopolitical shocks. For Somalia, a country still rebuilding after decades of conflict, the program promises not just roads and ports but jobs and a stake in the global economy. The EU delegation in Mogadishu…

IMF, Somalia Reach Staff-Level Deal That Could Unlock $30 Million Somalia has secured a staff-level agreement with the International Monetary Fund that could release roughly $30 million in fresh financing, a timely boost as the government faces tighter aid flows, the bite of climate shocks, and the demanding work of rebuilding a post-debt-relief economy. The agreement, announced Sunday after two weeks of talks in Washington and Mogadishu, will go to the IMF Executive Board in the coming weeks. If endorsed, it would mark…

Al‑Shabaab’s War Chest: How a Militant Tax System Fuels a Comeback in Somalia A militant economy hiding in plain sight The hardest thing to see in Somalia’s long war is often the most obvious: the receipts. A new assessment by the Combating Terrorism Center at West Point says al‑Shabaab, al‑Qaida’s Somali affiliate, is now the network’s financial powerhouse—pulling in an estimated $100 million to $200 million a year. That money isn’t just paying for bullets. It’s rebuilding a parallel state. The report, The Global State…

Somalia’s plea in Addis Ababa: climate justice is not charity, it’s survival At a summit meant to elevate Africa’s voice on climate, Somali President Hassan Sheikh Mohamud delivered a blunt reminder: the continent is being asked to decarbonize while still paying the price for emissions it did not cause. His appeal — for scaled-up finance, clearer delivery mechanisms and a rapid transition from pledges to payouts — was not a diplomatic flourish. It was a survival plan for a country that has endured back-to-back climate…

Somalia’s Bold Step Towards Climate Resilience Amidst the harsh realities of droughts and floods, Somalia is taking a decisive leap towards combating climate change with the launch of the Somali Climate Finance Trial and the National Climate Fund (NCF). These initiatives aim to mobilize and effectively manage climate finance, crucial for a nation facing severe environmental challenges. A Collaborative Inception In late August, Mogadishu hosted the National Inception Workshop, drawing over 60 key players across…

Somalia Scores Groundbreaking Climate Grant to Propel Eco-Friendly Farming Solutions MOGADISHU, Somalia – The narrative of Somalia's future took a turn during the Green Climate Fund's (GCF) Board meeting from October 21 to 24, 2024, in Songdo, Incheon, South Korea. Amid the discussions emerged a game-changer for Somalia's farming sector: an ambitious climate adaptation initiative known as "Climate Resilient Agriculture in Somalia (Ugbaad)." This project, set to revolutionize how Somalia tackles agricultural challenges,…

Mogadishu (AX) – Mohamed Hassan Hiis, the Communication Director for Jubbaland Regional State, has thrown some bold accusations at Somalia's presidency. He alleges they're bankrolling a negative campaign on social media aimed squarely at Jubbaland's head honcho, Ahmed Madobe.Hiis pointed his finger at Abdiqadir Ali Dige, Villa Somalia's communications chief, claiming he's the mastermind behind this orchestrated social media blitz to tarnish Madobe's reputation. "Mr. President, can you really bank on these delegations to…

In the Democratic Republic of Congo, the Minister of Finance and the resident representative of the International Monetary Fund will be seen on Monday 19 July. The opportunity for Gabriel Leost to officially inform Nicolas Kazadi about the decision of the IMF Board to validate a jointly established program. With our special…

Financing small businesses is crucial for Somalia MOGADISHU, Somalia - In Somalia, it is usually difficult for people to finance business ideas. Most of the UCITS are not designed to support business start-ups, not even where they are meant to make money. The understanding and culture for creating business ideas does not work. This has forced many promising business ideas not to start due to…