MOGADISHU, Somalia – The National Climate Fund of Somalia (NCF) convened a high-level workshop in Mogadishu today, marking the first dedicated training on Climate Finance for the Somali Bankers Association (SBA). The event aimed to equip national financial institutions with the necessary knowledge to navigate the complex landscape of global climate funding.
The strategic session focused on the international framework of climate finance, specifically analyzing major global Vertical Funds and identifying accessible opportunities for the Somali private sector. During the proceedings, banking experts and stakeholders exchanged insights on mechanisms to secure climate funding and methods to channel these investments back to clients, thereby strengthening community resilience against climate shocks.
Liban Obsiye, the Executive Director of the National Climate Fund, highlighted the essential role of the financial sector in the country’s adaptation strategy. “Somali banks are the backbone of the nation’s economy and hold the key to both the present and future of climate finance,” Obsiye stated. He reaffirmed the NCF’s strong commitment to ensuring the private sector plays a substantial role in building national resilience.
The Chairman of the Somali Bankers Association, Dr. Ahmed Khadar A. Jama, commended the initiative, emphasizing its importance as the global financial system increasingly shifts toward sustainable financing. He noted that the workshop provides a vital opportunity for Somali banks to enhance their technical expertise, enabling them to seize new business prospects that contribute directly to Somalia’s economic expansion.
The workshop was attended by representatives from all banks operating within the Federal Republic of Somalia. Many of these institutions already hold significant portfolios in sectors highly vulnerable to climate change, including agriculture and energy.
This initiative was supported by the UK FCDO’s “Pioneer Country Trials,” a program designed to foster innovative, coordinated approaches to access and deliver climate finance in select African nations, including Somalia.
