Somalian and American interests intending to built fisheries plant according to the Commercial Fisheries Review dated January 1965 No. 1

An item reported that the U.S. Agency for international Development (AID) authorized the loan of 543,000 US dollars to the Somali American Fishing Company to be repaid over a period of 10 years starting in1967. This was a joint venture between a Masachusetts company and Somali interests. The intention was to establish a new fisheries plant near Alula, northern point of the Federal Republic of Somalia or Somali Republic[Somalia]for processing and freezing fisheries products mainly for the export.