Mogadishu, Somalia – Somalia has advanced its efforts to secure international climate finance by training the nation’s banking sector to access and utilize global climate funding through the National Climate Fund (NCF).
This development seeks to enhance economic resilience and safeguard communities vulnerable to climate impacts. The inaugural workshop for the Somali Bankers Association (SBA) provided banks with essential tools to engage with major international climate funds and incorporate climate finance into their lending strategies.
According to officials, this initiative will enable Somali banks to attract external financing and direct it toward sectors particularly vulnerable to climate disruptions, such as agriculture, energy, and small businesses.
NCF Executive Director Liban Obsiye emphasized that this places the private sector at the core of Somalia’s climate response, allowing banks to transform global climate pledges into tangible investments that support livelihoods and national stability.
SBA chairman, Ahmed Khadar A. Jama, highlighted that the training creates new financial opportunities for local banks while connecting them with global sustainable finance trends. He noted that enhanced technical capabilities will assist banks in managing climate risks, attracting fresh capital, and promoting sustained economic growth.
By bolstering the capacity of domestic financial institutions to manage climate funding, the initiative is projected to hasten adaptation projects, broaden green finance accessibility, and decrease Somalia’s susceptibility to recurring droughts and extreme weather events.
The program received backing from the UK FCDO’s Pioneer Country Trials, which seeks to assist nations like Somalia in establishing systems that can effectively absorb and apply international climate finance.
