Somalia has formally joined the African Export- Import Bank (Afreximbank), becoming the 53rd African country to accede to the multilateral financial institution. This move is part of Somalia’s efforts to strengthen its trade and industrial infrastructure and enhance economic transformation.
In an official communication, Hon. Hirsi Jama Gani, State Minister at the Office of the Prime Minister, signed the instrument of accession, notifying Afreximbank of Somalia’s decision. The document stated that Somalia “accepts, and hereby accedes, to the Agreement for the Establishment of the Bank” and pledged to expedite the ratification process.
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Economic transformation and integration
Somalia’s accession to Afreximbank aligns with its broader economic strategy, including its commitment to the African Continental Free Trade Area (AfCFTA). The agreement aims to facilitate economic self-reliance and integration into continental trade networks.
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, welcomed Somalia’s decision.
“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 a 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 realise the maximum value from its natural resources while hastening its integration into the African Continental Free Trade Area.”
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Somalia’s perspective on the partnership
Hon. Hirsi Jama Gani highlighted the significance of this membership for Somalia’s economic development.
“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, 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.”
He also called for an accelerated rollout of Afreximbank’s programmes in Somalia.
“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.”
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Engagement with Somalia’s financial and business sectors
Afreximbank has initiated discussions with Somalia’s financial and corporate sectors to ensure the effective implementation of its development programmes. These engagements are part of a roadmap designed to align the Bank’s interventions with Somalia’s economic priorities.
During a meeting with the Afreximbank team, Hon. Abdirahman Abdullahi, Governor of the Central Bank of Somalia, emphasised the importance of this partnership.
“Afreximbank’s visit to Mogadishu was timely as it came just after Somalia joined the East African Community regional trade bloc in 2024, and successfully completed the Highly Indebted Poor Countries (HIPC) debt relief process. The Somali people are renowned for their trade and entrepreneurial spirit, and I urge the business community in Somalia to fully leverage the opportunities offered by Afreximbank under its financing programs, to expand their reach, drive sustainable growth, and contribute to a more connected and competitive economy.”
