Dahabshil Bank International (DBI) unveiled at the Somaliland Investment Forum, Hargeisa, the Powering Progress Fund (PPF or the “Fund”) which seeks to create positive impact through Sharia compliant investments in renewable energy technology used in MSME projects.
“The PPF project we are introducing is the latest of a long line of innovative, economically impacting, job-creating initiatives which DBI, through its investments portfolio and MicroDahab, has made available to both the general public and the business community,” Zakaria Ali, DBI Vice President for Operations said.
“DBI”, he further stated, “offered tools and management advisory service to customers besides its diversified financing operations”.
It was a pride of Dahabshil Bank International to provide customers uncluttered, easy access to banking, financing and investments, he added.
DBI partners with Arsenault Family Foundation (AFF) and Shuraako to entrepreneurs and businesses wishing to initiate or improve on existing renewable energy in order to upgrade or increase production with the added value of job creation – a central proviso in the investment offer..
Dahabshil Bank and AFF will commit a combined fund of US$ 750 000 and Shuraako will be administratively running the project.
The PPF welcomes all for-profit enterprises to apply for investment ranging anything from US$25 000 to US$250 000 to a custom financing terms of up to 3 years.
Successful applicants will be screened through a set criteria that requires, for instance, that applicants to contribute a minimum of 30% of the total project size in cash or in equivalent tangible assets, and that they pledge collateral depending on size of the investment capital extended.
The Fund aims to create a positive economic impact for beneficiaries in respective areas of implementation: Somaliland, Puntland and SC Somalia.
The Somaliland Investment Forum, concluded today, Wednesday, took place at the Maansoor Hotel in Hergeisa from September 19 – 21 and was organized by the Somaliland Ministry of Trade & Investment in partnership with Shuraako, a program of the One Earth Foundation.
The SIF brought together policymakers, donors, investors, and the Somaliland business community to discuss ways to strengthen private sector investment.
Dahabshiil Group, represented by DBI at the event, was the main sponsor of the Somaliland Investment Forum. Group officers who played key roles at the SIF event included Zakaria Ali, Mohamed Ahmed (MicroDahab), Awil Salaha (DGM) Hodan Ali, Gulid Ibrahim of DBI and Saad Musa of DMT. The eDahab – the Group’s mobile banking wing – and SOMTEL’s 4G registered a great number of new customers during the three days of the conference.
Dahabshil Bank International (DBI), Dahabshiil Money Transfer (DMT) with its eDahab branch, and SOMTEL Telecommunications constitute Dahabshiil Group. SOMPOWER and Dahabshiil General Trading are among a number of affiliates associated with the Group.