5 TV & 5 Magazine
MOGADISHU, Somalia — Somalia is turning to banks, investors and the private sector to bridge its healthcare financing gap as the country seeks to expand hospital capacity, improve access to medical services and strengthen the sustainability of its health system.
The push emerged at a high-level Healthcare Financing Forum organised by SomBank through its Tibyan Forum in Mogadishu.
The meeting brought together government officials, healthcare providers, bankers, investors, insurers, medical suppliers, development partners and other stakeholders to explore ways of mobilising capital for Somalia’s health sector.
SomBank Chief Executive Officer Dr Said Ali Shire said the meeting was designed to move the healthcare financing debate from general appeals for investment to practical solutions.
“We need to look beyond traditional approaches to healthcare financing and examine how different forms of capital can support the institutions delivering healthcare,” Dr Shire said.
The forum identified medical equipment, hospital expansion, working capital, payroll, supplier financing and digital payment systems as some of the areas requiring investment.
SomBank also showcased Shariah-compliant financing products, including Murabaha, Ijara, Musharaka and Musawamah, as potential financing models for healthcare institutions.
The bank’s Head of Investment, Abdirizaq Bashir Hassan, presented investment opportunities in Somalia’s healthcare sector, while Puntland State University Deputy Vice Chancellor for Administration and Finance Mohamed H. Burci presented a needs assessment and market analysis for a proposed multispecialty referral hospital.
The emphasis on research was intended to ensure that investment decisions are driven by actual healthcare needs and market demand rather than availability of financing alone.
“Healthcare investment requires us to ask what services are needed, where the gaps are and whether an investment can operate sustainably over the long term,” the forum heard.
A panel on “Financing the Future of Healthcare in Somalia — Bridging the Gap Between Providers, Investors, and Patients” brought together policymakers, bankers, medical professionals and hospital administrators.
Among those participating were Dr Abdullahi Nour Omar of the Ministry of Health and Human Services, Dr Mohamed Abdullahi Isse of the National Health Professionals Council, and healthcare specialists and hospital executives.
The forum also heard from Somali Bankers Association CEO Dr Ahmed Khadar A. Jama, National Social Health Insurance Authority Director General Dr Abdulrazaq Yusuf Ahmed and UNICEF Health Specialist Dr Abdihamid I. Ahmed.
The organisers said Somalia’s healthcare financing challenge cannot be solved by one institution, calling for closer cooperation between government, healthcare providers, financial institutions, investors and development partners.
The forum concluded with remarks from Somalia’s Ministry of Health.
SomBank said the initiative is intended to contribute to a national roadmap for a resilient, inclusive and well-financed healthcare system, while strengthening links between healthcare needs, investment and sustainable financing.
