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World Bank Funded Somali Business Catalytic Fund Cancels Second Round Applications

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The World Bank funded Somali Business Catalytic Fund program implemented by DAI Inc. placed an advert on local Somaliland newspapers on the 29th of October 2017 to announce the second round of grant funds available to the business community thereby inviting would be applicants to submit concept notes for evaluation.

Funding was made available for two sectors:

1. Women’s Only Businesses – Small Grants ($10,000-$50,000)

2. Supporting the Private Sector to Create Greater Resilience in Response to Climate Change – Large Grants ($50,001-$150,000)

Regrettably, the World Bank has now taken the decision to CANCEL this round for technical reasons, and will not be making funds available for the program. This means applications for grants will no longer be accepted, and if you have recently already submitted an application it will NOT be reviewed or evaluated.

The The Somali Business Catalytic Fund Management said they apologize for any inconvenience caused.

 

 

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Ethio-UAE Joint Technical Committee Meeting Highlights Economic Cooperation

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The 2nd Ethio-UAE Joint Technical Committee Meeting opened in Addis Ababa on Monday (March 05, 2018), serving as an effective platform for the development of the bilateral cooperation at various levels within a range of economic sectors, and contributing towards the success of the Join Ministerial Commission meeting to be held over the week.

The Ethiopian delegation was led by Ambassador Suleiman Dedefo, Director General of the Middle East Affairs at the Ministry of Foreign Affairs and the UAE delegation, was headed by Mohammed Sharaf, Assistant Minister for Economic and Trade Affairs of the UAE.

Ambassador Suleiman, in his opening remarks, praised the plenty of potential areas of cooperation and the number of achievements witnessed in the last few years, which he said, demonstrated the commitment of the two sisterly countries. He reiterated the several common objectives Ethiopia and UAE share on regional and international issues related to peace, security and development. He also expressed the importance of the growing trade relations and investment ties between the two sides, while also noting that that there has been an increase in the number of Emirati investors now reaching more than 98 with a combined capital of over 10 bln Birr.

Mohammed Sharaf, on his part praised the vital role Ethiopia is playing in combating extremism as well as maintaining security in the Horn of Africa. He noted the UAE direct investment in Ethiopia for the years 2003-2017 amounted to around $523 mln, and described this as very encouraging, while UAE investment outflows are expected to increase with further investment agreements.

The UAE is the second largest destination for Ethiopian exports and imports in the Middle East.

 

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Somaliland Companies Among 500 Companies Participating Djibouti trade fair

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Somaliland companies are participating Djibouti Trade Fair among other 500 companies from 10 countries. The trade fair that was launched on Sunday will continue for five days with the participation of some giant companies from Turkey, USA, Canada, UAE and others.

This is the first time Somaliland companies are officially participating Djibouti business fair and more companies are expected to join in the coming few years.

Prime Minister of Djibouti Abdulkadir Walid said that the international fair constitutes a strong integration of economies and provides an opportunity to benefit from international experience in various sectors.

The event coincides with the country’s 40th independence anniversary and 110th anniversary of the Djibouti  Chamber of Commerce.

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