Finance Minister Highlights Reform Progress at AfDB Meetings

BRAZZAVILLE, Republic of Congo – Somalia’s Minister of Finance, Bihi Iman Egeh, participated in the plenary session of African finance ministers during the Annual Meetings of the African Development Bank Group in Brazzaville, where he outlined the Federal Government’s financial progress and called for increased development financing to accelerate priority projects.

The event gathered governors and finance ministers from across the continent to review the bank’s operations, financial performance, future investment strategies, and the 17th replenishment of the African Development Fund (ADF-17). More than 3,000 delegates, including central bank governors and development partners, attended the gathering at the Kintélé International Conference Centre.

Minister Egeh Outlines Reform Progress and Financing Needs

During the session, each participating country shared its priority financing plans and development agendas. Minister Bihi addressed the gathering, outlining the financial progress made by the Federal Government of Somalia, particularly in economic reforms, domestic revenue generation, and enhancing the country’s public financial management systems.

He stressed the need for increased development financing support for Somalia to expedite priority projects focused on improving infrastructure, expanding social services, and creating economic opportunities for Somali citizens. “Somalia’s reform path is clear, but we need continued and predictable development financing to translate progress into real services for our people,” Egeh told delegates.

The African Development Bank annual meetings serve as a crucial forum for African leaders and financial institutions to discuss regional economic growth, investment, and development cooperation. This year’s meetings focused on closing Africa’s estimated $400 billion annual development financing gap and mobilising more domestic and institutional capital for investment.

Somalia’s Economic Reforms Gain International Recognition

Somalia has made significant strides in economic governance in recent years. The African Development Bank granted Somalia $17.68 million in debt relief following the successful completion of the Enhanced Heavily Indebted Poor Countries Initiative (EHIPC) process, cancelling all outstanding African Development Fund loans to the nation for the 2024-2039 period.

At the national level, Minister Egeh launched the $105 million Somalia Productive, Resilient, and Inclusive Growth (SPRING) project, a World Bank-funded initiative focused on advancing economic development through private-sector-led expansion and job creation. The multi-agency program unites key national bodies including the Central Bank of Somalia, the Financial Reporting Center (FRC), and the Ministry of Commerce and Industry.

Strengthening Regional and International Partnerships

The Brazzaville gathering comes as Somalia continues to strengthen its economic partnerships both regionally and internationally. Minister Egeh previously led Somalia’s delegation at a high-level conference in Nairobi, where he reaffirmed the government’s dedication to economic reforms and sustainable growth, with delegates from the World Bank, African Development Bank, European Union, and other international partners in attendance.

The Minister has also played a leadership role in regional economic diplomacy. Somalia hosted the 27th meeting of the Finance Ministers of the Horn of Africa Initiative in Mogadishu, with Minister Egeh chairing the forum and welcoming representatives from South Sudan, Sudan, Djibouti, Ethiopia, and Kenya.

Focus on ADF-17 Replenishment and Concessional Financing

Key discussions at the Brazzaville meetings centered on the 17th replenishment of the African Development Fund (ADF-17), the bank’s concessional financing window for low-income and fragile states. The ADF plays a pivotal role in helping fragile states rebuild resilience, with 37 low-income countries in Africa eligible for support.

Somalia’s debt relief and continued access to concessional financing are expected to free up public resources for urgent development priorities, including teacher recruitment, clean water access, and health system recovery in areas impacted by drought and conflict. The government has indicated that additional resources will also be allocated to enhance economic resilience and rebuild trust among development partners.

The African Development Bank meetings concluded with a shared commitment among member states to mobilise financing for Africa’s development amid a challenging global environment.