About the fund
The Nordic Horn of Africa Opportunities Fund (or “Nordic Fund”) is uniquely designed to advance development effects while generating a positive return on capital. By adding risk capital to the Somali region, fostering entrepreneurship, and creating jobs, the Nordic Fund is supporting a responsible private sector, creating a sustainable business environment, and fostering prosperity and stability in the region.
This innovative impact fund – $24.0 million at second close – is deploying risk capital to finance small and medium sized enterprises (“SMEs”) located in the Somali region (including Somaliland, Puntland and South Central Somalia) with Sharia compliant loans and other self-liquidating structures with a focus on job creation and empowerment of female and youth entrepreneurs.
Shuraako, a flagship program of the One Earth Future Foundation, facilitates investments into a variety of sectors across the Somali region through the Nordic Fund, created in 2018 through a Limited Partnership Agreement signed by the Arsenault Family Foundation, Norwegian Investment Fund for Developing Countries (Norfund), and the Investment Fund for Developing Countries (IFU). Today additional donors of the Fund include the Norwegian Ministry of Foreign Affairs, Ministry of Foreign Affairs of Denmark (DANIDA), and the European Union (EU).