Somalia joins Afreximbank to boost intra-African trade, economic growth

Somalia officially became the 53rd member of the African Export-Import Bank (Afreximbank) on Monday, as the East African country seeks to boost intra-African trade and economic growth.The African multilateral financial institution said Somalia formally acceded to its establishment agreement, which is expected to bolster Somalia's economic landscape by facilitating access to financial resources and investment opportunities aimed at enhancing infrastructure, trade facilitation, and capacity building.Hirsi Jama Ganni, Somalia's state minister of the Office of the Prime Minister, said the milestone agreement signals their commitment to becoming a key player in regional and continental development, especially through trade, under the framework of the African Continental Free Trade Area.

"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, emphasized the mutual benefits for both parties.

"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 said. 

Afreximbank added that it has initiated discussions with Somalia's corporate and financial sectors, recognizing their vital role in delivering the bank's developmental programs and fostering economic growth within the country.