Somalia has officially become the 53rd African member state of the African Export-Import Bank (Afreximbank), marking a significant milestone in its pursuit of enhanced trade, investment, and regional integration under the African Continental Free Trade Area (AfCFTA).
The accession, which the Central Bank of Somalia confirmed on Monday, March 24th, was formalized through an instrument signed by Hirsi Jama Gani, State Minister at the Office of the Prime Minister, in which Somalia expressed its commitment to the Bank’s Establishment Agreement and pledged to expedite its ratification.
This membership is expected to provide Somalia with access to a range of financial services and support from Afreximbank, facilitating increased intra-African trade and contributing to the country’s economic growth.
The move aligns with Somalia’s ongoing efforts to re-engage with international financial institutions and integrate more fully into regional economic frameworks.
Previously, in October 2019, Somalia had indicated its readiness to join Afreximbank during discussions between Somali officials and the Bank’s delegation in Washington, D.C.
The recent accession demonstrates Somalia’s continued commitment to strengthening its economic ties within Africa and leveraging opportunities presented by initiatives like the AfCFTA.