WorldRemit’s founder, chairman, and eight-year former CEO Ismail Ahmed has launched a new foundation fund to promote entrepreneurship in Somaliland.
The Sahamiye Foundation is based in Hargeisa, the capital of London and Somaliland.
Ahmed has promised $ 500 million in its wealth and investment over the next decade in a development program focused on Somaliland.
“When we chose to move away from the traditional solutions offered by the aid sector, Somaliland received very little development assistance,” explains the Sahamier Foundation.
Therefore, the group wants to help the country move beyond the traditional model of donor funding to a more entrepreneurial scale-up approach.
The first market for World Remit, launched in 2010, was Somaliland. “Since then, the market has prospered,” says Ahmed.
Mobile money hub
Located on the northeastern peninsula of Africa and home to some 4.5 million people, Ahmed says the sovereign state has one of Africa’s “best” mobile technology infrastructures.
He also cites Somaliland’s international remittance growth, which increased by 15% to $ 1.3 billion in 2020, according to central bank data.
Ahmed’s new fund, in addition to its multi-million dollar commitment, seeks to double Somaliland’s literacy rate from 45% to 90% by 2023.
As part of this effort, the Sahamier Foundation is committed to helping at least one million adults and adolescents acquire literacy skills.
One-tenth of these recipients develop technical and professional skills for entrepreneurship.
Part of the funding will also be used for startup accelerators, with a women-focused accelerator program offering up to $ 20,000.
Last year, Innovate Ventures launched an accelerator that offers up to $ 30,000 in equity investment in Somaliland start-ups.
Investment so far
The Sahamiye Foundation participates in other organizations that have invested in the country for many years.
Port operator DP World announced a $ 442 million investment in the country in 2018. Then last year, the GUUL Group announced a five-year investment of $ 100 million. Somaliland Sun..
“The potential multiplier effect is even more compelling, as we’ve seen from recent inward investments in Somaliland,” says Ahmed.
The Sahamiye Foundation has already launched many initiatives. This includes Daariz, a free app that helps people with low literacy learn Somali.
Ahmed’s other idea, Books for Change, promises to supply the country with one million low-priced books each year. Resources for Schools provides schools and universities with a range of digital and printed materials.
The founders of WorldRemit also donated $ 1 million worth of personal protective equipment (PPE) and COVID-19 laboratory testing equipment to Somaliland.
World Remit founder Ismail Ahmed launches $ 500 million Somaliland fund
Source link World Remit founder Ismail Ahmed launches $ 500 million Somaliland fund