SOMALILAND: INDEPENDENT REVIEW OF SBF GRANT SELECTION AND MANAGEMENT

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Somalilandsun – Landell Mills, the implementing partner for the World Bank Somaliland Business Fund-SBF, has appointed the international audit firm Moore Stephens to undertake an independent review of the Fund’s grant application selection and disbursement procedures.

The review reflects Landell Mills’ fiduciary duty to the World Bank and a corporate commitment to transparency and integrity in the management of the Fund. It is expected that Moore Stephens will complete their work during May 2014.The Moore Stephens terms of reference include a detailed risk analysis, an assessment of the Fund’s internal controls and a process compliance review.

The World Bank, Landell Mills and the Fund Manager together are determined to ensure that all applicants are treated fairly and that the Fund’s internal controls are robust and proportionate to the risk environment. Any concerns raised about the conduct of the project are taken very seriously and the current review is a continuation of an ongoing initiative to implement lessons learned from Round 1. Once the review is complete, based on Moore Stephens’ recommendations, the Fund Manager will undertake any additional actions considered necessary to strengthen the SBF’s management systems.

In the meantime, applicants and grantees may continue to submit any questions or comments, or to report any concerns to the Fund Manager, David Mitchell, via his e-mail address – davidmitchell@btconnect.com, or directly through a face-to-face appointment at his office agreed in advance.

The Somaliland Business Fund is mobilizing the creative energy and resources of the private sector to create jobs and improve incomes for Somalilanders. The Somaliland Business Fund is seeking to support entrepreneurs who have demonstrated they possess the proven management and financial capacities to deliver their projects successfully. Somaliland Business Fund is implemented by Landell Mills International Development Consultants, UK and managed by a Fund Management Unit (FMU) based in Hargeisa.

For more information please contact: David Mitchell – Fund Manager

Tel: +252.63.3513236 Web:www.somalilandbusinessfund.com

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