Context and Challenge

Somalia’s fisheries sector plays a critical role in the nation’s economy and coastal livelihoods. However, significant challenges hinder its sustainable development:

• Overfishing and habitat destruction threaten long-term productivity.
• Climate change impacts, such as rising sea levels and extreme weather, disrupt fishing activities and infrastructure.
• Women and youth in fisheries face limited access to financing and governance opportunities.

The Somali Bankers Association (SBA) sought to explore how local financial institutions could support sustainable investments while addressing these risks. Veynuus Firm was tasked with delivering an environmental and climate risk assessment to unlock financing opportunities for the fisheries sector.

Our Approach

Veynuus Firm’s Development Finance Team led the project, supported by the Environment and Climate Change Team for technical assessments.

Key steps included:

• Environmental and Climate Risk Analysis: Identified vulnerabilities such as overfishing, mangrove deforestation, and rising sea levels.
• Financing Framework Development: Designed tools for Somali banks to evaluate and mitigate environmental and social risks.
• Gender Inclusion Strategy: Engaged women’s cooperatives and youth groups to foster equitable participation in fisheries investments.
• Policy Alignment: Ensured financing practices aligned with Somalia’s National Development Plans and international frameworks like the Paris Agreement and SDG 14.

Impact Delivered

1. Sustainability Roadmap
   Somali banks now have a structured framework to assess environmental, social, and climate risks, empowering them to make informed financing decisions.
2. Community Empowerment
   Integrated strategies to elevate women and youth as key stakeholders in fisheries governance and development.
3. Climate Resilience
   Provided actionable recommendations for addressing climate change impacts, including adaptive measures for rising sea levels and extreme weather.
4. Biodiversity Protection
   Proposed interventions to safeguard critical marine ecosystems, ensuring long-term fisheries sustainability.

Quotes to Highlight

“Healthy ecosystems are the foundation of a resilient and prosperous Somalia.”
— UNDP Climate Change Report

“Empowering women in fisheries governance isn’t just equity—it’s smart economics.”
— Somalia National Development Plan

“Sustainable financing ensures that investments today safeguard the ecosystems and livelihoods of tomorrow.”
— Somali Bankers Association Representative

Explore the Full Case Study

Learn how Veynuus Firm is helping shape the future of sustainable fisheries financing in Somalia:

• Contact Development Finance team through partnerships@veynuus.com