KfW is a German government-owned development bank, which provides financing to governments, public enterprises and commercial banks engaged in microfinance and SME promotion in developing countries.
Somaliland is looking to widen ties with Germany in the development of infrastructure and foreign investment.
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The two countries already have long-standing relationship particularly in agriculture water management and road development but according to Somaliland envoy to Kenya Bashe Omar, there are so many areas that are yet to be explored.
The Somaliland representative to Kenya held talks with Andreas Holtkotte, the KfW Regional Director at the Somaliland Liaison offices in Nairobi where they discussed which other areas Germany can help Somaliland develop.
KfW is a German government-owned development bank, which provides financing to governments, public enterprises and commercial banks engaged in microfinance and SME promotion in developing countries.
KfW Development Bank’s financial support is tailored to the circumstances in the respective partner country.
The funding model selected will be determined depending on the size of a country’s debt, its economic output and level of development, the performance capacity of the project partner as well as the type of project.
The funding models include pure grants and loans from budget funds, but also loans that combine budget funds and KfW’s own funds.
“Somaliland appreciates its longstanding relations with Germany particularly in areas of Agriculture, Water Management and Road development. We look forward to deepening and widening this ties to cover other sectors of development,” Bashe said after the meeting.
Foreign interest in Somaliland has been growing since the expansion of the Port of Berbera by DP World started last year. DP World is also set to build the biggest Free Zone in East Africa.
By Odindo Ayieko
