The Bank of Somaliland and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a landmark strategic partnership agreement aimed at transforming Somaliland’s financial landscape.
The agreement, formalized during a two-day working meeting at the Ambassador Hotel in Hargeisa, focuses on implementing the Movable Collateral Registry and Credit Reporting System project to enhance access to finance and spur economic growth.
The partnership seeks to modernize Somaliland’s financial infrastructure by establishing a Movable Collateral Registry, developing a robust Credit Reporting System, and strengthening the legal and regulatory framework. These initiatives are designed to facilitate access to credit for small and medium enterprises (SMEs) and individuals, fostering financial innovation and economic development.
Mr. Hamse Abdirahman Khaire, Deputy Governor and Acting Governor of the Bank of Somaliland, signed the agreement on behalf of the Bank, while Ms. Luz Salamina represented the IFC. During the signing ceremony, Mr. Khaire emphasized the Bank’s commitment to modernizing financial systems to support SMEs and individuals, stating, “This project will create transformative opportunities for businesses and drive sustainable economic growth in Somaliland.”
The IFC pledged technical expertise to support the project’s implementation, while the Bank of Somaliland expressed gratitude for the collaboration and optimism for its success.
The initiative is expected to significantly enhance credit access for SMEs, promote financial inclusion, and position Somaliland as a hub for economic innovation in the region. This partnership marks a critical step toward strengthening Somaliland’s financial ecosystem and supporting its broader economic development goals.