Somalia Seeks Banking and Investment Cooperation with Sahel-Saharan Bank

GOOBJOOG NEWS | TRIPOLI: Somalia is seeking stronger financial and investment ties with the Sahel-Saharan region through discussions on cooperation between Somali banks and the Community of Sahel-Saharan States’ investment bank.

Somali Foreign Minister Abdisalam Ali met on November 8 in Tripoli with Ahmed Omar Al-Hadi, also known as Al-Tarhouni, chairman and director-general of the Sahel-Saharan Investment and Trade Bank (BSIC).

The talks focused on establishing working partnerships between BSIC and Somali financial institutions to strengthen cooperation between the banking sectors and expand access to financial opportunities.

The two officials also explored ways Somalia could benefit from investment and development projects financed or supported by BSIC in different African countries.

The engagement forms part of Somalia’s efforts to expand economic cooperation with regional and international financial institutions, attract investment and identify new opportunities for economic development.

BSIC is a regional financial institution established under the Community of Sahel-Saharan States (CEN-SAD), with operations focused on investment, trade financing and economic development across Africa.

The meeting took place as Somali officials participated in CEN-SAD activities in Tripoli, providing an opportunity to pursue economic and institutional partnerships with organisations operating across the regional bloc.