Friday, August 10, 2012

Kenya to host Somalia’s Stock Exchange

War-torn Somalia has signed an agreement with Nairobi Securities Exchange (NSE) to pave the way for establishment of a new stock exchange in the Horn of Africa nation.
The proposed Somalia Stock Exchange (SSE), which is expected to be operational in the next five to seven months, will raise capital for fledging businesses, as Somalia seeks to rebuild from more than two decades of conflict.
Speaking on Thursday, Somali diplomat and deputy representative to the UN Idd Mohamed said, “This will bring back confidence to Somali people and show the international business community that Somali is ready for business.”
The proposed bourse will initially operate in Nairobi because of the current instability posed by Islamist insurgency, piracy and inter clan fighting in Somalia.
With up to $2 billion being channeled annually from Diaspora, Somalia is confident of a significant economy improvement backing on telecom, banking, and money transfer firms that have shown interest to invest.

1 comment:

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