CAIRO, Egypt – Somalia has officially joined the African Export-Import Bank (Afreximbank) as its 53rd member state, marking a significant advancement towards enhancing economic collaboration across the continent. The accession aims to bolster Afreximbank’s commitment to expanding product offerings to all African nations.
Somalia’s state minister, Hirsi Jama Gani, signed the instrument of accession, affirming the country’s acceptance of the Agreement for the Establishment of the Bank. The government pledged to swiftly undertake all necessary steps for the ratification of this crucial agreement.
This landmark membership is a pivotal step for Somalia, aligning the nation with its goals of sustainable economic development and infrastructural improvement. It also signifies a commitment to continental integration and self-reliance through the African Continental Free Trade Area (AfCFTA).
Prof. Benedict Oramah, president of Afreximbank, expressed enthusiasm for Somalia’s membership, highlighting the mutual advantages it brings. “Somalia’s inclusion in the Afreximbank family marks a new chapter, providing greater access for the public and private sectors to essential financing and support. This partnership enables Somalia to pursue its developmental goals while receiving steadfast backing from Afreximbank, which has a proven history of supporting member states.” Oramah emphasized the importance of this collaboration in maximizing Somalia’s natural resources and facilitating smoother integration into AfCFTA.
Minister Gani extended his appreciation to Afreximbank, stating, “This agreement reflects our aspiration to become a central player in regional and continental development through enhanced trade under the AfCFTA framework. It is vital for Somalia’s reconstruction and economic diversification, opening avenues for financial and technical support.” He urged prompt implementation of Afreximbank’s programs in alignment with the nation’s development objectives to help Somalia emerge as a strategic trade hub in East Africa.
This significant accession follows strategic discussions between Afreximbank and the Somali government, aimed at identifying viable opportunities for national development. A collaborative roadmap is being established to guide these initiatives. Furthermore, Afreximbank has begun engaging with Somalia’s corporate and financial sectors to enhance economic growth and effectively deliver developmental programs.
Abdirahman Abdullahi, Governor of the Central Bank of Somalia, remarked, “Afreximbank’s engagement in Mogadishu is timely, following Somalia’s recent entry into the East African Community and the successful completion of the Highly Indebted Poor Countries (HIPC) debt relief initiative. The entrepreneurial spirit of the Somali people can greatly benefit from Afreximbank’s financing programs, paving the way for sustainable growth and enhancing the nation’s economic competitiveness.”
