Somalia has officially become the 53rd member of the African Export-Import Bank (Afreximbank), marking a significant step towards strengthening its economic landscape and integrating further into the continental trade framework. The announcement, made on Monday, underscores Somalia’s commitment to boosting intra-African trade and fostering economic development.
Afreximbank, a leading African multilateral financial institution, confirmed that Somalia has formally acceded to its establishment agreement. This move is expected to provide the East African nation with increased access to financial resources and investment opportunities, which will be crucial in enhancing infrastructure, trade facilitation, and capacity building.
Hirsi Jama Ganni, Somalia’s state minister of the Office of the Prime Minister, highlighted the importance of the partnership, stating that it signifies the country’s dedication to regional and continental development. He emphasized that joining Afreximbank aligns with Somalia’s broader strategy to leverage the African Continental Free Trade Area (AfCFTA) to enhance economic diversification and reconstruction efforts.
“This partnership is significant to Somalia’s ongoing reconstruction and economic diversification efforts, opening doors for financial and technical support,” Jama said in a statement issued by Afreximbank.
Benedict Oramah, chairman of the Board of Directors of Afreximbank, welcomed Somalia into the institution, noting the mutual benefits of the collaboration. He emphasized that the accession would allow Somalia’s public and private sectors to access financing and related interventions tailored to meet their economic needs.
“We are delighted to welcome Somalia into the Afreximbank family. This is a significant milestone as it widens the opportunity for the Somali public and private sectors to access financing and other related interventions that address their real needs,” Oramah stated.
Afreximbank further noted that it has already initiated discussions with Somalia’s corporate and financial sectors, recognizing their pivotal role in implementing the bank’s developmental programs. These discussions are expected to facilitate strategic partnerships that will drive Somalia’s economic growth and integration into regional and global trade networks.
Somalia’s accession to Afreximbank is a major milestone that is set to accelerate the country’s economic transformation by unlocking new investment opportunities, strengthening trade linkages, and fostering sustainable development across various sectors.
