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Finance Minister Egeh Emphasizes Role of Regional Integration on Somalia’s Economy  

Storyline:Business, National News

GOOBJOOG NEWS | NAIROBI: Federal government of Somalia’s finance Minister Bihi Iman Igeh has emphasized the importance of regional integration for Somalia’s economy.

Addressing the 21st ministerial meeting of the Horn of Africa Initiative (HoAI) in Nairobi, Kenya, the minister said such an integration has the potential to boost domestic production and overall economic growth of the country.

 He stated that the Somali government anticipates significant economic benefits from the successful implementation of the Horn of Africa Cooperation Forum’s plans.

The Hom of Africa Initiative (HoAI) is a special initiative driven by seven participating countries (Djibouti, Ethiopia, Eritrea, Kenya, Somalia, South Sudan and Sudan) and facilitated by five development partners (the African Development Bank Group, the European Union, the World Bank, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the UK Foreign, Commonwealth).

The Initiative is aimed at deepening regional economic integration, tackling fragility, and enhancing resilience to foster peace and stability, and improve the living standards of the people of the Horn.

The Nairobi meeting will be the second time the African Development Bank is hosting the HoAI Ministerial Roundtable.

The previous Ministerial was hosted by the Bank in 2023 in Sharm El Sheikh in Egypt and enhanced the Bank’s visibility as a key player involved in the Initiative.

It also gave impetus for the timely signature of the grant agreement between the Bank and the Governments of Somalia and Djibouti for the UA 64 million (about USD 90 million) Multinational Djibouti-Somalia: “Nagad-Loyada/Lowyaddo-Borama Phase I Project”, barely two months after the project’s approval by the AfDB’s Boards of Directors.

Furthermore, hosting of the Ministerial provided an opportunity to showcase the Bank’s knowledge work relevant to the Horn of Africa.

The African Development Bank led the preparation of a technical paper on mobilizing private investment in the Horn that was presented at the Ministerial Meeting.