Supporting investment projects in Somalia through COMFAR

Somalia has made significant momentum towards peace and sustainable development. Within the framework of the project “Agro-technology Development for Economic Growth South and Central Somalia’, UNIDO Somalia aims to boost private sector revival by supporting Somali businesses in starting, rehabilitating and upgrading their operations, while providing access to technology, markets and financing facilities.

In this context, UNIDO Somalia, objective is to accelerate economic development and create jobs with market based technical skills development. One of the major component identified for support to the Somalia private sector and economy, is UNIDO’s Computer Model for Feasibility Analysis and Reporting (COMFAR). As Somalia is at cross-roads of debt relief, there is high hope that this will lead to increase in local and foreign investments. Thus, equipping the public and private sector with tools and methodology is crucial to support in investment projects, facilitating short and long-term analysis of financial analysis and economic effects for industrial and non-industrial projects.

This UNIDO Somalia project is funded by the Italian Agency for Development Cooperation. UNIDO, along with the COMFAR team has conducted this training from 30th of November to 6th of December, 2020, teaching 11 experts (from the Federal Ministry of Commerce and Industry of FGS, Somali Chamber of Commerce, IBS Bank, Network of EDU’s & SomInvest) the ability to use COMFAR for the analysis of investment in new projects, and expansion or rehabilitation of existing enterprises. As a result, the successful graduates, are enabled to input economic financial and economic data, calculate results (statements), read and interpret performance, risks & sensitivity from the statements. Consequently, the aim is for these trained experts is to transfer the gained skills and knowledge to both private and public sector and in turn ensure the feasibility and economic benefits of investment projects in Somalia. This success of the trainings is due Mr. Mehrdad Rahmanifar’s (Senior COMFAR Instructor) experience from thousands of hours of training different people from various backgrounds and cultures, while the trainees, had the attitude and interest to grasp the Computer Model for Feasibility Analysis and Reporting (COMFAR), most importantly, possessing the ability to transfer the gained knowledge to other.

UNIDO’s COMFAR, is the first training of its kind, in Somalia to provide Computer Model approach on Feasibility Analysis and Reporting. On the 15th of December, 2020, during an online Closing Ceremony, the trainees (graduates) described the training as “interactive, useful and relevant, while mentioning that it will support in the development of business plans for Somalia entrepreneurs at their respective institutions”, Mr. Ygor Scarcia, UNIDO Somalia O.i.C. emphasized on the need for Somalia to acquire the ability to undertake high quality feasibility analysis, which can contribute to more sustainable projects, which can ultimately translate into jobs creations and economic development. Mr. Pradeep Paulose, Industrial Development Officer/COMFAR, encouraged all the graduates to practice the tool and ensure that they make part of their day-to-day activities whether, when doing feasibility studies, transferring knowledge to others or counseling sessions at the Network of EDUs, to demonstrate the feasibility of a new project for theirs clients.

Mr. Guglielmo Giordano, Director AICS Somalia Office and Mr Abdiaziz Ibrahim Adan, DG of MoCI of FGS, both congratulated the graduates during the Official Closing Ceremony and highlighted that putting COMFAR into practice will change how investment projects are approached in the country and offer effective and efficient way to conduct project financial/economic feasibility and assessment. This means better decision-making and high quality projects, in Somalia.

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