Dahabshiil CEO Calls for Support From International Community to Help Somalis

LONDON, May 24, 2010 /PRNewswire/ -- The CEO of Dahabshiil, the largest international remittance business in the Horn of Africa, has called for support from the international community to work with the private sector in Somalia.

Abdirashid Duale, CEO of Dahabshiil, also says external recognition is required to support the private sector in the reconstruction and development of the region.

Speaking at the United Nations Political, Security and Reconstruction Conference for Somalia, in Istanbul, Mr. Duale highlighted the constraints facing Somali businesses and called for reforms to support the private sector.

The conference, co-hosted by the Turkish government and UN Secretary General, Ban Ki-moon, was attended by foreign ministers, business leaders, and leading financial institutions, including the World Bank, African Development Bank and Islamic Development Bank.

The conference, which hosted discussions on security issues and global threats facing Somalia, also provided a platform for businesses and governments to launch new initiatives for reconstruction and job creation in the region.

Addressing the delegates, Mr. Duale said that the private sector in Somalia was strong but needed international support to help it grow, create more jobs and encourage investment in the region.

"The private sector in some of the regions still faces enormous challenges that result from the political instability and security concerns. But there is a strong entrepreneurial spirit in our country and I believe, with the support of the international community, the private sector can play a key role in the reconstruction and development."

He said one of the constraints businesses face is the international perception of Somalia and a lack of understanding of how the private sector works, particularly from international banks, which has made it harder for some businesses to operate.

"We ask for the international community to understand the constraints the business community faces and help us develop a framework for future peace and prosperity."

Duale continued: "Dahabshiil has a key role to play in the reconstruction; both as the largest private employer in the region and through its ability to get funds where they are needed."

Dahabshiil continues to support the development of Somalia by investing part of its annual profits into community regeneration projects, involving the development of schools, hospitals, agriculture and sanitation.

Thousands of Somalis rely on remittances that are sent from overseas. Alongside individuals, over 95% of the international organisations in Somalia, including the United Nations, World Health Organisation, World Bank, Oxfam and Save the Children, rely on Dahabshiil to provide payment services for their staff, contractors, government institutions and partner NGOs.

Duale added: "Transferring remittances is a lifeline for many people in the developing world whose friends or family live abroad and regularly send money home."

SOURCE Dahabshiil