Afreximbank membership opens new avenues for infrastructure development, trade financing, and participation in AfCFTA.
Somalia’s Strategic Move Towards Economic Integration
On March 24, 2025, Somalia officially became the 53rd African member state of the African Export-Import Bank (Afreximbank), marking a significant milestone in its pursuit of economic revitalization and regional integration. The accession, formalized through an instrument signed by Hon. Hirsi Jama Ganni, State Minister at the Office of the Prime Minister, signifies Somalia’s commitment to enhancing its trade and industrial infrastructure and aligning with the objectives of the African Continental Free Trade Area (AfCFTA).
“On behalf of the Government of Somalia and its people, I sincerely thank Afreximbank for its efforts that led our country to become a member state of the Bank. This milestone agreement signals our commitment to becoming a key player in regional and continental development, especially through trade, and under the framework of the African Continental Free Trade Area (AfCFTA). This partnership is significant to Somalia’s ongoing reconstruction and economic diversification efforts, opening doors for financial and technical support,” said Ganni.
Ganni added: “We urge Afreximbank to accelerate the implementation of its programs and initiatives in Somalia, aligning them with Somalia’s National Development Plan and helping it meet its ambitious development goals. This is a critical step in realising the full potential of our country and for Somalia to regain its position as a strategic trade hub within East Africa.”
Unlocking Access to Trade Finance and Development Support
Afreximbank’s President and Chairman of the Board of Directors, Prof. Benedict Oramah, welcomed Somalia’s membership, emphasizing the mutual benefits of the partnership. The bank aims to support Somalia’s developmental aspirations by providing financial resources and technical assistance tailored to the country’s unique needs.
“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. 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, a bank with proven track record of supporting its Participating States in good and bad times. Today, we begin a collective journey to enable the Somali economy to realize the maximum value from its natural resources while hastening its integration into the African Continental Free Trade Area, said Oramah.
Aligning with Continental Trade Initiatives
Somalia’s integration into Afreximbank complements its recent accession to the East African Community (EAC) in 2024 and the completion of the Highly Indebted Poor Countries (HIPC) debt relief process. These developments position Somalia to actively participate in the AfCFTA, facilitating smoother trade across African borders and promoting economic self-reliance. The collaboration with Afreximbank is expected to catalyze Somalia’s efforts in infrastructure development, trade facilitation, and capacity building.
A Collaborative Roadmap for Economic Transformation
Following the accession, Afreximbank has initiated discussions with Somalia’s corporate and financial sectors to identify opportunities for collaboration. A joint roadmap has been established to guide efforts in supporting Somalia’s development agenda, focusing on sectors such as infrastructure, trade, and industrial development. The partnership is anticipated to play a pivotal role in Somalia’s ongoing reconstruction and economic diversification efforts.
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