Somalia has officially joined the Fund for Export Development in Africa (FEDA), the development impact investment arm of the Africa Export-Import Bank (Afreximbank).
The milestone expands FEDA’s footprint to 53 member states. An official statement issued by State Minister of the office of the Prime Minister, Mr. Hersi Jama Gaani, has officially signed Somalia’s accession into FEDA. Somalia was informed that it accepted the agreement with Afreximbak.
Somalia will take all necessary steps to expedite the signing of the deal. Somalia’s gov’t pointed out that the accession into Afreximbank is a step taken in the right direction which will pave the way for economic development, developing trade and the industry in Somalia.
The accession of Somalia into the Afreximbank will assist Somalia to participate the Africa Continental Free trade (AfCFTA), is the world’s largest trade which aims to create a single market for goods and services, boosts Intra-African trade and enhances Africa’s global trade position.
The President and the Chairman of the Board of Directors, Prof. Benedict Oramah, has warmly welcomed the decision Somalia made in order to join FEDA. He pointed out that Somalia’s accession will enhance integration and will upgrade the benefits of the new cooperation between the two sides. On the other hand, the current governor of the Central Bank of Somalia (CBA), Abdirahman Mohamed Abdilahi, said that the Somali populace are well known for the trade and entrepreneurship. He urged the Somali business community to benefit from the opportunities that the bank offers to Somalia.
