Nordic Horn of Africa Opportunities Fund

fostering prosperity and stability in the region.

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).


March 31, 2022
Organizer Shuraako
Website Visit website
Targets Somalia
Agribusiness, Clean technology and energy, Construction and manufacturing, Fish farming, Green transportation and electric motors, Healthcare, Hospitality, Renewable energy, Sanitation, Transport and logistics, Water, sanitation and hygiene


With the combined contributions of these visionary investment partners, Shuraako is building dynamic markets in the region.

Nordic Fund Stats and Impact as of September 2021
Total funds under management: US$24.3 M
Total invested: 62 Loans totaling US$14,774,406.41
Total invested in Women-owned companies: US$848,749
Ten Sectors invested: manufacturing, renewable energy, and agribusiness; making up the largest 3 sectors
Total jobs created: 440

Investment guidelines

Client entrepreneurs and companies must have at least a one year operating track record and be involved in a business sector that is not under embargo as published and amended from time to time by the United Nations or European Union.

Applicants may apply for loans ranging from USD $50,000 to USD $750,000 and must contribute a minimum of 30% of the total project value. Applicants approved for financing will be issued funds under a sharia compliant debt finance agreement. Successful applicants will receive a financing term for up to five years (60 months). Applicants are required to pledge collateral (a minimum of 1.5-2.5x extended capital, depending on the application).

Investment criteria

Our approach is to start small, build a relationship, and expand from there. To apply for financing from Shuraako, you must meet the following criteria.

  • Somali-based business.
  • Micro, small or medium sized enterprise (0-300 employees).
  • Companies must have at least a two (2) year operating track record and be involved in a business sector that is not under embargo as published and amended from time to time by the United Nations or European Union.
  • Socially and environmentally responsible enterprise that drives job creation and has a compelling business model.

Funding range:
Funding to date has ranged between USD $5,000 to USD $750,000, based on the strength of the proposal. Promising investments requiring greater amounts of capital will be considered. We do not provide finance for working capital.

How to apply?

Selection stage:

1. Check the Investment Criteria to determine if your business is eligible for financing.

2. If eligible, download and complete the Pre-Assessment Questionnaire. Submit the completed Pre-Assessment Questionnaire to shuraako@oneearthfuture​.org.

3. Shuraako will review the Pre-Assessment Questionnaire and may provide feedback to the entrepreneur. Shuraako will notify entrepreneurs if they have been selected to move to the application stage.  

Application stage:

4. Download and complete the Business Plan Template and Financial Template.

5. Submit the completed forms (Business Plan and Financials) to your Shuraako representative. Only submit these templates if you have been requested to do so by a Shuraako representative.

6. Shuraako will review the Business Plan and Financials; and provide feedback necessary to move the application forward (provided that the application has merit).

Final stage:

7. Once accepted, Shuraako services deals.


  • Ahmed Haibe
    Ahmed Haibe
    Business Development Services Specialist
    Map pin
    Hargeisa, Somalia