Strategic Partnership Between Himilo Microfinance Institution and Ganacsikaab Business Development Centre to Empower Small and Medium Enterprises in Somalia.
Garowe, February 29, 2024: In a move aimed at fostering economic growth and empowering small and medium enterprises (SMEs) in Somalia, Himilo Microfinance Institution and Ganacsikaab Business Development Centre have entered into a strategic partnership. This collaboration marks a significant milestone in our efforts to bolster the business landscape in the region and drive sustainable development.
Under the partnership agreement, Ganacsikaab Business Development Centre will play a pivotal role in developing a comprehensive business development approach and implementation model. Leveraging its expertise, Ganacsikaab will provide capacity-building support tailored to the needs of SMEs, focusing on enhancing their company structure, business plans, and strategies. Moreover, qualified personnel from Ganacsikaab will be deployed to execute business development services for identified clients from Himilo MFI, ensuring personalized and effective assistance.
One of the key responsibilities of Ganacsikaab is to create an enabling environment for businesses to thrive and expand their existing capacities in respective regions. Through various initiatives and interventions, Ganacsikaab aims to nurture a conducive ecosystem where MSMEs can flourish and contribute to the economic growth of Somalia. Additionally, the organization is committed to upholding any contractual agreements within the consortium framework, ensuring transparency and accountability in all dealings.
On the other hand, Himilo Microfinance Institution will focus on providing vital financial inclusion services to MSMEs, including micro-lending and micro-saving services. With a mission to promote financial inclusion and responsible borrowing, Himilo MFI will orient its beneficiaries on responsible borrowing, financial resource utilization, creating savings culture. By offering tailored financial solutions, Himilo aims to empower entrepreneurs and facilitate business growth.
Furthermore, Himilo MFI aims to leverage its resources and expertise to drive tangible impact and catalyze positive change in the MSME landscape.
In line with the partnership agreement, both Himilo Microfinance Institution and Ganacsikaab Business Development Centre are committed to sharing relevant documents and providing regular reports and progress updates. This commitment and communication underscore the shared vision of the two organizations to work hand in hand towards the common goal of empowering MSMEs and fostering economic prosperity in the country.
The strategic partnership between Himilo Microfinance Institution and Ganacsikaab Business Development Centre signifies a unified effort towards building a vibrant and resilient business ecosystem in Somalia. Through collaborative initiatives and targeted interventions, the two organizations aim to unlock the full potential of MSMEs, drive innovation, and create sustainable livelihoods for communities across the region.
Prepared by: Himilo Microfinance Media and Communications Office.
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