Somalia Officially Joins the African Export-Import Bank (Afreximbank)

Muqdisho (Durbaan Media) –Somalia has officially become the 53rd member of the African Export-Import Bank (Afreximbank), marking a significant step in the country's financial and economic integration with the continent.

The announcement was confirmed through an official statement signed by the State Minister in the Office of the Prime Minister, Hirsi Jama Gani. The document affirmed Somalia’s acceptance of Afreximbank's foundational agreement and outlined the country’s commitment to taking all necessary steps for the swift ratification of the agreement.

The Somali government has hailed this membership as a crucial milestone in advancing economic growth, enhancing trade infrastructure, and developing the country’s industrial sector. Additionally, the move is expected to boost Somalia’s participation in Africa’s economic integration efforts, particularly through the African Continental Free Trade Area (AfCFTA).

Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, warmly welcomed Somalia’s decision, emphasizing the mutual benefits that the new partnership will bring. Meanwhile, the Governor of the Central Bank of Somalia, Abdirahman Abdullahi, highlighted the entrepreneurial spirit of the Somali people and encouraged local businesses to leverage the vast opportunities provided by Afreximbank.

In recent years, Somalia has been strengthening its regional presence and engagement with continental organizations, having also secured membership in the East African Community (EAC).