Welcome to Gargaara, an Apex financial institution which is created to achieve the twin goals of a) enhancing the capacity of Somalia’s financial sector and, b) funding Micro Small, and Medium Enterprises (MSMEs) which are legally operating in Somalia. Gargaara is registered with the Central Bank of Somalia to operate as a microfinance institution within the territory of Somalia.
As a wholesale financier, Gargaara aims to provide concessionary financing to commercial banks and micro-financial institutions on an on-lending basis. Our target sectors are productive sectors (farming, livestock, fishery) and renewable energy. Gargaara is wholly funded by the World Bank and other associated Development Financial Institutions (DFIs), and we have plans to allow private investors to invest with us. Gargaara is wholly owned by the Federal Government of Somalia through the Ministry of Finance. Yet, it is independently managed on a commercial basis.
Apart from the provision of financing, Gargaara aims to strengthen the banking sector by providing them with technical assistance to upgrade their skills in lending, risk management, and governance. Likewise, it also aims to offer Business Development services to MSMEs in business management, market studies, preparation of business plans, delivery of bankable proposals to financial institutions, etc. Gargaara funding is specifically designed to encourage financial inclusion for women, youth, and marginalized sections and regions of the country.
With the combined impact of our interventions in offering finance, technical support, and business development services to worthy sectors, Gargaara is set to transform the Somali economy. As we go on this exciting journey, we hope to expand our services to sectors like agricultural processing, healthcare, education, manufacturing, hospitality, and traveling. We are truly excited about the prospect of bringing transformative change to the livelihood and the welfare of our people in Somalia, and we hope you will join us in this rewarding journey.
