Somaliland Development Corporation

[Jacaylbaro]

[Xaaji Xunjuf]

This is a very good idea and there are many advantages there for somaliland economically and it will be very interesting how the corparation will be build and how Board of Directors of the corporation will operate. This will basically allow Somaliland to attrack multi Million investment deals from other countries ( state Companies) in a very legit way and these projects will be endorsed by the trustees of the Corporation since Somalilands De jure recogniton is pending in the mean time Somaliland will build it's economy and employment will rise in Somaliland.

[Jacaylbaro]

And this is what is taking a full gear very soon ..............

[Xaaji Xunjuf]

Will the Minister give comfort to President Silanyo and those who have supported him in his difficult decision by agreeing that the conference communiqué should contain explicit references to Somaliland that welcome his participation; note Somaliland’s achievements in building peace and democracy; draw attention to the relevance of the Somaliland experience to the problem of securing peace in Somalia; note the assistance through humanitarian aid that I have mentioned; thank it for its co-operation in the fight against terrorism and piracy; and encourage Somaliland’s wider economic interaction?

 

My second point is that I know that the Minister has already welcomed one initiative, namely the establishment of the Somaliland Development Corporation. It is being established because of the lack of recognition that makes involvement in international trade and business difficult. It will be launched on 22 February, the day before the conference, which Ministers will host. The point of the corporation is to facilitate international investment in Somaliland and economic interaction for the benefit of the Somaliland people. As an unrecognised state, it is isolated. Despite its extraordinary achievements in stability and democracy, international donors cannot deal directly with its Government, and foreign investors face uncertainty about whether contracts—the basis of secure business—can be enforced. The point of the corporation is to establish an entity to circumvent that problem. Indeed, I hope that it might lead the Foreign Office, through our trade arrangements, to be able to underpin some of the potential for business development and trade with Somaliland, which is difficult at present.

 

The development corporation will deal with donors such as Governments, aid agencies and international financial institutions; individuals, including enhancing the contribution that is made by many members of the Somaliland diaspora, as the Foreign Secretary rightly said; philanthropists and foundations; and foreign companies that wish to invest for profit. The founding directors are co-operating with the Crown Agents on the provision of banking services, and the intention is to develop a business plan with aims and objectives in the short, medium and longer term that will be available on the corporation’s website. The plan would be influenced by the development priorities of the Somaliland Government, the decisions of the two boards and the Somaliland development corporation trust. The launch on 22 February will show the confidence of the Somaliland Government in engaging with business and economic development as well as being a participant at the table at the conference.

[Freedom]

I like I like lol

[Mario B]

Is Somaliland Development Corporation a modern day version of Imperial British East Africa Company?

[The Sage]

This development corporation could prove to be a very effective mechanism for Somaliland to circumvent its current legal status in order to attract much needed bilateral and multilateral sources of aid. My only concern is would be ensuring that the corporation is governed transparently and competently by individuals who are familiar will financing large scale infrastructure projects.

Nonetheless this is a postive development and in addition to the "Anglo-Somaliland Chamber of Commerce" that was established last year I have a feeling that investment in Somaliland will significantly increase over the next few years.

 

http://somalilandpress.com/somaliland-president-meets-british-minister-for-africa-anglo-lander-chamber-established-19325

[Mario B]

This will not lead to recognition, but it will certain make the people of the triangle towns FAT!! It's as if Hargeisa isn't full of NGO's already.

[Freedom]

Mario stop hating lol

[Mario B]

Freedom;788408 wrote:

Mario stop hating lol

----

 

I have nothing but love for you, Freedom. :cool:

[Mario B]

In other words, it's best second thing to a legal recognition, that a poor country like Somaliland can have in the absence of the main thing itself.

 

It will still not lead to recognition, the British just want to mute the rowdy diaspora from the 'Somaliland Republic' from disrupting the conference.

[Freedom]

Mario you care lool

[Mario B]

Freedom,Yes, I do care... I don't envisage a Somalia without either Hargeisa or Mogadishu, these two are inoperable conjugal twins...if they get separated they will both end up dying!!

[Mario B]

^^ Ours is a medical condition and nothing else, indeed....

[NGONGE]

Guru, how different is this to point eight of the London Conference Communique?

 

8.We emphasised the urgency of Somalia funding its own public services, and using its assets for the benefit of the people, as well as tackling corruption. We welcomed the progress that has been made in establishing a

Joint Financial Management Board

to increase transparency and accountability in the collection and efficient use of public revenues, as well as international development aid, and which will help strengthen Somali public financial management institutions. A declaration by the initial members of the JFMB is at Annex A.

In both cases, there will be gaalo keeping an eye on the purse strings!