16 April 2005

 HAFZA Negotiating with a Swiss bank to commence operations in Puntland

HAFZA is negotiating with a Swiss bank to commence operations in selected parts of Puntland pursuant to the laws of Somalia and the new laws required for operating the Horn of Africa International Financial Centre (HAIFC).

Should negotiations be successful with the Swiss bank and subject to suitable laws of Puntland/Somalia being enacted, it is proposed to open a branch office in Bosasso initially, including a secured network of Automatic Teller Machines (ATMs) serviced by the bank.