By MSN Reporter
Somalia has formally joined the African Export-Import Bank, making it the 53rd nation in Africa to become a member state of the lender.
The accession of the East African nation was signed by Hirsi Jama Ganim, State Minister in the Office of the Prime Minister.
“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 addresses their real needs,” says Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank
Somalia says the move is part of its wider plan to reintegrate into the continental trade as well as create a sustainable economic growth for both its public and private enterprises.
“By joining the Bank, Somalia embarks on a new journey of pursuing its developmental aspirations on its own terms, backed by unwavering support from Afreximbank,” adds Hirsi Jama Ganni, Somalia’s State Minister of the Office of the Prime Minister
Last year (March 2024), Somalia joined the East African Community (EAC) making it the 8th nation in the regional bloc. This was hot on the heels of the December 2023 Bretton Woods approval of the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point which provided a total debt service savings for the country of US$4.5 billion.