Somaliland Development Corporation to facilitate investment and Spearhead Development

[Xaaji Xunjuf]

Somaliland Development Corporation to facilitate investment and Spearhead Development

Sunday, 29 April 2012 02:25

President Silanyo © after meeting withSDC founders"The SDC shall help circumvent the problem of non-recognition by providing a transparent, accountable and enforceable means by which investors can participate in Somaliland ventures" President Silanyo

The Somaliland Development corporation which is set to alleviate a multitude of difficulties is fully functional and has already completed initial assesement of target interventions

The SDC which is registered in England and managed by Somalilanders and prominent Britons is made up of two parts with different functions.

One part, which is independent of government, is involved with humanitarian work with the mandate to fundraise internationally and implement development projects like other organizations undertaking similar activities.

The second part is privately owned and is geared towards the private sector in the country by encouraging foreign business to invest in the country.

By. M.A.Egge

Somaliland Development Corporation (SDC) was officially launched by H.E. President Ahmed Mohammed Silanyo at a special ceremony at the Jubilee room. Portcullis House London on the eve of the Conference on Somalia. The launching ceremony was also graced by the First Lady Amina Haji Mohamud Jirde (Amina Waris). Foreign Minister Hon. Mohammed Abdillahi Omar, Minister of Planning Hon. Dr. Sa'ad Shire and other dignitaries.

The Somaliland Development Corporation (SDC) has been set up to facilitate international investment in Somaliland for the benefit of the Somaliland people.

As a non-recognized State, foreign investors face considerable uncertainty about whether contacts – the basis of secure business – can be enforced or not. The SDC circumvents the problem of non-recognition by providing a transparent, accountable and enforceable means by which investors can participate in Somaliland ventures. A separate not-for-profit company has already been set up in the UK to act as the founding vehicle, with minister of State Dr. Mohammed Rashid Hassan, former Ambassador Myles Wickstead CBE and Jeremy Carver CBE as founder Directors.

The SDC is to be owned by an incorporated trust, the Somaliland Development Corporations Trust (SDC). The approved Somalilanders and international Trustees with control the shared of the two SDC companies on behalf of the people of Somaliland. Each of the companies (for-profit and not- for-profit) with have its own board of directors. The Somaliland government and the political opposition will have seats on both boards.

The executive officers of each of the two constituent companies will consist of qualified staff assisted by advisory consultants.

Four main parties will deal with the SDC. 1) Doors, such as governments or international financial institutions. 2) Individuals, including members of the Diaspora. 3) Philanthropists. 4) Foreign companies wishing to invest in order to obtain a profit.

The founders of the SDC are cooperating with Crown Agents in the UK for the provision of banking services. The SDC will adopt a business plan which will set outs its aims and objectives in the short, medium and long term. This will be available on the SDC's website.

The plan will be influenced by the development priorities of the Somaliland government and the views expressed by the boards and the SDC Trust.

The next steps include nominating trustees; marketing the SDC to potential donors, Investors, friends and philanthropic organization, and setting up the SDC Trust and the for-profit company. The timeline is between now and the second quarter of 2012.

[NGONGE]

^^ This is SDC is one of the most confusing things about SL. Nobody knows anything about it and everybody knows everything about it.

[Jacaylbaro]

You wound not know unless you want to invest or bring investors dee ,,,,, wax fahan

[Somalia]

Inshallah Ditoore Cusmaan will enter this thread.