Bandar-Bayla, December 31, 2024 – Himilo Microfinance Institution has successfully disbursed and handed over financed assets to seven cooperatives, benefiting 140 individuals in the Bandar-Bayla district of the Bari region. The disbursements, based on the applications and quotations submitted by the cooperatives, mark a significant achievement under the Towards Empowered and Resilient Fishing Community (TEReFiC) project. This initiative is a collaborative effort between Himilo Microfinance, the World Food Programme (WFP), the Norwegian Refugee Council (NRC), and the Puntland Ministry of Fisheries and Marine Resources.
The TEReFiC project aims to strengthen the resilience and economic capacity of vulnerable fishing communities, with a special focus on women and youth. By addressing the challenges of limited access to livelihood resources, providing diversified income-generating opportunities, and improving access to essential financial services, the project seeks to empower these communities for long-term success.
The disbursement process took place between December 31, 2024, and January 5, 2025, in the Bandar-Bayla district. During this period, Himilo Microfinance delivered various asset products tailored to each cooperative, enabling them to invest in projects that will increase their income-generating potential and enhance their overall economic opportunities.
Himilo Microfinance expresses its sincere gratitude to all partners and stakeholders whose ongoing support has been crucial in making this initiative a success. The financial support provided to the cooperatives represents a significant step toward achieving the broader goals of the TEReFiC project, which is committed to fostering resilience and empowerment within Bandar-Bayla’s fishing communities.
This accomplishment underscores the importance of strategic partnerships in driving sustainable and impactful development, ensuring that vulnerable communities gain access to the necessary tools and resources to thrive.
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