Somalia joins Afreximbank as it seeks to boost Intra-African trade and economic growth

Somalia has formally acceded to the Establishment Agreement of African Export-Import Bank (Afreximbank), becoming the 53rd African member state of the African multilateral financial institution and bringing the Bank closer to its goal of broadening its product offerings to all parts of the continent.  

In the instrument of accession signed by Hon. Hirsi Jama Gani, State Minister, Office of the Prime Minister, Somalia notified Afreximbank that Somalia “accepts, and hereby accedes, to the Agreement for the Establishment of the Bank” and pledged to undertake all necessary steps to expedite ratification of the Agreement. 

Somalia’s membership of Afreximbank is a significant milestone that places the country on a path of sustainable economic transformation, upgrading of the country’s trade and industrial infrastructure, and most importantly joins the rest of the continent in the push towards continental integration and self-reliance through the African Continental Free Trade Area (AfCFTA). 

Expressing deep satisfaction at Somalia’s decision to accede to the Agreement, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasised the mutual benefits to both parties.