Business

Somali Investment Academy launched to empower private sector executives, business owners

The Somalia Ambassador to Kenya Jabril Ibrahim Abdulle during the launch of the Somali Investment Academy at Strathmore University's Business School on May 13, 2024. (Photo: X/Jabril Ibrahim Abdulle)

By Hanifa Adan | Tuesday, May 14, 2024

The collaboration is a joint effort between the International Financial Corporation (IFC), a member of the World Bank Group, and Strathmore University.

The Somalia Ambassador to Kenya, Jabril Ibrahim Abdulle, officially launched the Somali Investment Academy (SOMINA) on Monday at Strathmore University's Business School.

The collaboration is a joint effort between the International Financial Corporation (IFC), a member of the World Bank Group, and Strathmore University.

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It aims at fortifying the capacity and empowerment of Somali private sector executives and business owners,

"SOMINA is a testament to the potential and resilience of Somalia's private sector," Jabril said while delivering his keynote address at the inaugural ceremony.

Highlighting the positive impact of Somali investors across the region, he emphasised their crucial role in job creation and economic development in countries including Kenya, Uganda, South Africa, Tanzania, and South Sudan.

The SOMINA programme, designated as a specialised executive education initiative, aims to equip private sector officials with the necessary skills and knowledge to attract foreign direct investment to Somalia.

The Somalia Ambassador to Kenya Jabril Ibrahim Abdulle (centre) with private sector executives during the launch of the Somali Investment Academy at Strathmore University's Business School on May 13, 2024. (Photo: X/Jabril Ibrahim Abdulle)

Jabril emphasised the critical role of such programmes after Somalia joined the East African Community (EAC), opening new avenues for trade and investment.

"The importance of skilled professionals in driving economic growth and prosperity cannot be overstated," he said.

The Somali Embassy in Kenya serves as a vital bridge for investors exploring opportunities in Somalia.

Providing crucial support with country-specific data and insights into regulatory frameworks governing investment in both Somalia and Kenya, the embassy plays a pivotal role in facilitating investment endeavours.

The International Finance Corporation (IFC) is a member of the World Bank Group and is renowned globally for its expertise in promoting private sector development in emerging markets.

Founded in 1956, the IFC aims to create opportunities for people to escape poverty and improve their lives by catalysing private sector investment, mobilising capital in the international financial markets, providing advisory services to businesses and governments, and facilitating access to finance for businesses in developing countries.