Strathmore University Business School (SBS), in partnership with the International Finance Corporation (IFC), officially launched the fourth cohort of the Somali Investment Academy (SOMINA). Launched on 24th November 2024 by the Somali Ambassador to Kenya, Ambassador Jabril Ibrahim Abdulle, the programme aims to equip Somali professionals and business leaders with practical skills to attract investment and strengthen their businesses.
Giving the welcome remarks, Prof. Izael Da Silva, Deputy Vice Chancellor, Research and Innovation at Strathmore University, encouraged the new cohort to turn their learning into real impact and thanked the IFC for its continued collaboration.
Elizabeth Wanjiru Kimura, Senior Counsel at IFC and SOMINA Project Team Lead, explained that the programme helps participants understand international investment standards and make their businesses investor ready. She urged the cohort to stay engaged, noting that previous groups were very engaging and innovative.
Jens-Peter Dyrbak from DANIDA praised the IFC partnership as one of the most important for Somalia’s development. He highlighted progress in business registration, finance, energy, and ICT reforms, and commended SOMINA for strengthening both investor confidence and regulatory oversight. He also reaffirmed Denmark’s support through initiatives like Sharrako, which provides financing for private-sector growth in Somalia.
IFC’s Regional Industry Manager for Eastern Africa, Jesman Chonzi, shared SOMINA’s growing achievements, noting that 58 professionals have already been trained across various sectors, including agriculture, finance, telecommunications, energy, and healthcare. He emphasized the need for a robust financial sector in Somalia and thanked partners for their contributions to shaping a more resilient economy.
In his keynote address, Somali Ambassador to Kenya, Ambassador Jabril Ibrahim Abdulle, described SOMINA as a “groundbreaking initiative” that is shaping the next generation of Somali business leaders. He welcomed the 15 participants of the new cohort and highlighted the role of the private sector in driving economic transformation, especially as Somalia joins the East African Community.
He encouraged continued collaboration with IFC to unlock additional investment opportunities in key sectors, including energy, fisheries, agriculture, education, and health.
The launch closed on an optimistic note, with partners expressing confidence that the new cohort will play a meaningful role in strengthening Somalia’s private sector and expanding opportunities for sustainable growth.
Article by Eddie Gregan
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