The Minister of Commerce and Tourism recently held a high-level meeting at the Ministry’s headquarters with the Deputy Governor of the Central Bank of Somaliland and the Executive Manager of Al-Huda Centre of Islamic Banking & Economics. The discussions focused on ways to improve business financing, particularly for small and medium enterprises (SMEs), and to promote innovation and economic growth in the country.
The meeting centered around three key areas critical to enhancing financial support for businesses. First, the development of Islamic trade financing, aimed at expanding Sharia-compliant financial services to meet the growing demand among local entrepreneurs. This initiative is intended to provide alternative financing solutions that are aligned with Islamic principles, ensuring businesses have access to ethical and sustainable funding.
Second, the discussions highlighted the importance of improving access to finance. The participants explored strategies to increase financial inclusion, particularly for small and medium enterprises, which form the backbone of Somaliland’s economy. By expanding access to affordable and flexible financial products, the government aims to empower more entrepreneurs to start and grow their businesses, creating jobs and fostering economic resilience.
Third, the meeting addressed the need to support micro, small, and medium enterprises (MSMEs) and promote entrepreneurial innovation. The Minister emphasized the government’s commitment to creating a supportive ecosystem for businesses, including mentorship programs, capacity-building initiatives, and targeted funding opportunities. Such efforts are designed to nurture creativity, encourage business growth, and drive sustainable development.
During the meeting, the Minister expressed his gratitude to the visiting delegation for their engagement and constructive dialogue. He underlined the critical role of collaboration between the Ministry, the Central Bank, and financial institutions in accelerating business financing and economic development. He also highlighted that strong partnerships are essential for fostering an environment where businesses can thrive, innovate, and contribute to national growth.
The Ministry of Commerce and Tourism reaffirmed its dedication to strengthening cooperation with financial stakeholders, emphasizing that coordinated efforts are vital for improving financial access, supporting entrepreneurship, and ensuring long-term economic stability. The meeting concluded with a shared commitment to continue collaborative efforts that facilitate business growth, expand financing options, and empower local entrepreneurs across Somaliland.
