Somalia eyes economic growth through the Horn of Africa Initiative

Nairobi (Caasimada Online) – The Minister of Finance of the Federal Government of Somalia, Mr. Bihi Iman Ige, attended the 21st Summit of the Horn of Africa Initiative, held during the annual meeting of the African Development Bank in Nairobi.

The Horn of Africa Initiative focuses on:

  1. Reviewing and evaluating ongoing projects initiated in 2019, funded by various donors, to ensure transparency and accountability within the Forum.
  2. Discussing the border cooperation system, with updates provided by designated officials. This system received approval in 2023.
  3. Welcoming new donors to the Forum, who have joined this year to support the development objectives of East African countries.

In his briefing, Minister Ige underscored the importance of economic integration among regional countries, highlighting that such efforts would boost domestic production and promote economic growth in Somalia.

The Somali government is optimistic about achieving significant economic outcomes through the implementation of the Horn of Africa Cooperation Forum’s plans.

After enduring over three decades of turmoil and lacking effective government institutions, Somalia is working to re-establish its position on the global stage.

The Federal Government of Somalia, with the support of international partners, has recently achieved notable improvements in its financial system, following more than a decade of dedicated efforts. This progress has resulted in partial debt relief and has positioned the country to undertake new financial commitments.

These ongoing state-building initiatives are fostering optimism among both the Somali people and the international community. There is a growing belief that Somalia, once a prominent leader among African nations, can reclaim its former stature.