Somaliland government should do the same and get all Somalilanders to fund the port of Berbera, which is not only vital to economic independence but will also boost the country's morality. It will create jobs and economic boom.
Somaliland should sale bonds to Somalilanders with at least 5 percent return in 10 year term.
Somaliland should issue a minimum general obligation bonds of $3,000. All we need is then 50,000 Somaliland investors, which will raise more than $150 million investment ($3000x50,000). I believe this is more than enough to expand, deepen and bring Berbera to live and into competitiveness.
The port must also have a borrowing capacity and limits. Somalilanders who never end up getting their investment should consider this a national sakat/sadaaqo for the future generations.
Ethiopia was paying $700 annually to Djibouti for port services in 2008. I believe it is almost double by now.
If Berbera can take 20 percent in the first year, it will raise more than $140 million thus already returning the investment by Somalilanders.
However, it should not pay nor should Somalilanders rush to being paid out because the more they stay the more they will get back. This is of course not interest but rather benefiting from the growth too, its more like wealth distribution
With this fund we can renovate the port, airport and even complete a modern road linking Berbera to Ethiopia.
We do not need DP world and all those none sense things. Somalilanders are more than capable of raising $3000 per 50,000 people on their own. Dahabshiil alone can purchase several bonds.
The bonds should be stored in the first Somaliland National Bank.
Every month the Bank should issue online bank statement to all bond investors. There should be also an independent body that monitors the fund and so to ensure it doesn't end up in the hands of few crook ones who give booha about national interest and the bigger goal.
There are sick people and we can't be gullible nor naive.
I welcome your views on this issue. It has been so long since we have failed to address the Berbera port saga. We also need to get rid off the idea that the port chairman should be of the local Essa Mussa tribe. This limits the knowledge pool and qualifications/capacity.
If Ethiopians can build Africa's biggest dam for $4.8 billion, I am sure we can come up with $150-$200 million investment if we pool in our efforts and pockets together (LAN network - Lacag Aruusi Network)
“We are strategically located – Berbera is located in a maritime lane – 30,000 ships pass by our port every year from Europe, the Middle East and Asia. We can develop Berbera into a major port like Singapore – with container terminals, free zones, oil refineries, and services related to maritime business,” Shire said. - See more at: http://www.ipsnews.net/2012/12/somalian ... yEDvE.dpuf
Every nation has a dream and we can't forever dwell around ixtiiraaf and portraying the south as the boogeyman. It is time to grow up and under take responsible and mature projects.
It is time to change the old shoe of ixtiiraaf madness and think outside the box. The people need tangible goals. Then promising them the promise land.
Bond is basically a loan and we are loaning our hard earned money to the Port of Berbera and SL government. It is their Islamic duty and obligation to return the borrowed money and in the process create beneficial out come and tangible results for far more people.
It is time to grow out off the reer hebel raise this and reer hebel fund that and pool in together funds for the betterment of the region without thinking tribal or political benefits.
This is purely a business contract between the civilians, Port of Berbera and the government of Somaliland.
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My Estimates:
Berbera to Wajale (road): $60-80 million expansion (two ways)
Port expansion: $100 million (we can get additional funds from the EU, friendly Arab states, Turkey).
Just expanding the road, modernizing it, improving safety (calling for the establishment of highway petrol), business could almost double.
Somaliland's current budget is $150m and 75% of that comes from the port so let's say an increase of 20% just to remain conservative - that would add just an extra $20+ million to the budget, which could fund further port expansion.
Wajale road (Ethiopia side) - it cost about $18 million (Jigjiga - Wajale or 65km).
