Somalia joins Afreximbank to Boost Trade and Economic Growth

Somalia has formally acceded to the Establishment Agreement of African Export-Import Bank (Afreximbank) on March 24, 2025, becoming the 53rd member state of the institution. This accession is expected to support sustainable economic transformation and enhance the country’s trade infrastructure, aligning Somalia’s objectives with the African Continental Free Trade Area (AfCFTA). The agreement was signed by Hon. Hirsi Jama Gani, who pledged to expedite the ratification process, while Afreximbank’s President, Prof. Benedict Oramah, expressed the commitment to support Somalia’s developmental needs as it accesses financing and technical support through this partnership.