Somalia Seeks AfDB Support to Boost Investment and Economic Growth

GOOBJOOG NEWS | MOGADISHU: The federal government of Somalia has discussed expanding investment and economic cooperation with the African Development Bank (AfDB) as the government seeks to build on its economic reforms and attract financing for development.

Finance Minister Bihi Iimaan Ige held talks with AfDB President Sidi Ould Tah in Seoul, South Korea, on the sidelines of the Africa-Korea Finance Ministers’ Meeting.

Ige briefed the AfDB chief on Somalia’s economic progress and outlined government priorities for investment, particularly in areas linked to ongoing economic and financial reforms.

The discussions also focused on regional integration in the Horn of Africa and ways to deepen cooperation between Somalia and the AfDB, including expanding investment opportunities and strengthening the private sector’s role in economic growth.

For Somalia, the AfDB is an important development partner as the country works to strengthen public financial management, rebuild economic institutions and finance infrastructure and other development priorities.

The talks come as the Somali government seeks to translate recent economic reform gains into increased investment and broader private-sector activity, while improving the country’s capacity to finance long-term development.

The meeting in Seoul also provides Somalia with an opportunity to engage development and financial partners on investment priorities as African countries seek stronger economic ties with South Korea and other international markets.