HARGEISA (Somalilandsun)– A new investment scheme is being unveiled at the Ambassador Hotel Hargeisa, Somaliland on Monday 18th February 2013.
The investment offered under the Somali Star Investments (SSI) are financial instruments that are specifically designed to raise funds for much needed capital-intensive infrastructure projects across the country.
These include both social (hospitals and educational institutions, waste/sanitation) and economic infrastructure (roads, ports, telecoms, renewable energy and power, water) and other priority areas/sectors.
One such financial instrument SSI, in conjunction with our partners Salaam Financial Services, is Somali Star Bonds targeting Diaspora members. Pioneered in the 1950s, Diaspora bonds is one way to raise much needed funds from émigrés living overseas as well as from local Somali investors and they have been used to great effect by other developing nations throughout Sub-Sahara Africa and the world.
Along with providing Shariah complaint investment products SSI will use innovative technology such as mobile banking and online investment management tools in collaboration with partners Salaam and Homestrings.
Somali Star Investments (www.somalistarinvestments.com) will be offering the first such investment products and services available in Somaliland, promoting investment opportunities, initially within the business sector, but with a view to developing public-private partnership (PPP) infrastructure projects in the long term alongside government.
The first and primary focus will be wind power, converting wind energy into electricity. Other longer term planned projects include hospitals, schools, solid waste management, water infrastructure, roads and telecoms.
Somali Star Investments is the result of a partnership between Transparency Solutions (TS), Salaam Financial Services and Homestrings Inc. The project has received a grant from USAID.
Project Director, Sharmarke Jama said: “Investment in infrastructure is critical to our country’s development in the short to long-term. The benefits are not just economic but will fundamentally change the lives of millions of people for the better. We are confident that we have the right products, the right projects and the right partners in place and we look forward to a brighter future with Somali Star Investments”
Speaking at the launch event will be officials from the Somaliland government, TS, Salaam Financial Services, Telesom and USAID.
Background notes for editors:
Somali Star Investments is a brand name of Transparency Solutions (TS). TS is a Somali-led organisation based in the UK and Somaliland. The company has considerable expertise in sustainable economic development as well as a world-class reputation for research, evaluation, project management and training.
Sharmarke A. Jama
Mobile: +252-2-471 8869 / +252-2-473 2730 / +252-2-424 6860