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.
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