Somalia has become the 53rd country to join the African Export-Import Bank (Afreximbank) after signing the Establishment Agreement of the multilateral bank.
- •Afreximbank’s has more than 160 shareholders divided into four categories including governments, regional institutions, and private investors.
- •In partnership with the African Union, Afreximbank is the institution behind the Pan-African Payment and Settlement System (PAPSS).
- •The development comes just after Somalia joined the East African Community (EAC), and completed the Highly Indebted Poor Countries (HIPC) debt relief process.
“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,” Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank said.
Afreximbank and Somalia have established a collaborative roadmap, and initiated discussions discussions with Somalia’s corporate and financial sectors.
“This partnership is significant to Somalia’s ongoing reconstruction and economic diversification efforts, opening doors for financial and technical support,” Hirsi Jama Ganni, Somalia’s State Minister of the Office of the Prime Minister said.
Afreximbank had US$ 32.20bn in assets, US$25.59bn in liabilities, and a US$27.08bn loan book as of September 2024.
