Supporting investment projects in Somalia through COMFAR

Somalia has made significant momentum towards peace and sustainable development. Within the framework of the project “Agro-technology Development for Economic Growth South and Central Somalia” which is funded by the Italian Agency for Development Cooperation, UNIDO aims to boost private sector revival by supporting Somali businesses in starting, rehabilitating and upgrading their operations, while providing access to technology, markets and financing facilities. One of the major component identified under the programme for support to the Somalia private sector and economy, is UNIDO’s Computer Model for Feasibility Analysis and Reporting (COMFAR). As Somalia is at cross-roads of debt relief, there is high hope that this will lead to increase in local and foreign investments. Thus, equipping the public and private sector with tools and methodology is crucial to support in investment projects, facilitating short and long-term analysis of financial analysis and economic effects for industrial and non-industrial projects.

In this context, Somali experts from various institutions such as Somalia EDUs network, Somalia Chamber of Commerce and Industry, IBS Bank, Sominvest and Federal Ministry of Commerce and Industry, among others, received COMFAR training from 30th of November to 6th of December, 2020, equipping them with the ability to do feasibility analysis & reporting, allowing for high quality decision making, which means better investment projects & sustainable development. During the online Closing Ceremony, the trainees described the training as “interactive, useful and relevant, while mentioning that it will support in the development of business plans for Somalia entrepreneurs at their respective institutions”. UNIDO has been offering remote online versions of its COMFAR trainings since May 2020.