Economic integration

Ethiopia and Horn of Africa Finance Ministers affirm commitment to regional economic integration –

Addis Ababa, June 27, 2021 (Walta) –
Ethiopian Finance Minister Ahmed attended a meeting with the finance ministers of Djibouti, Kenya, Somalia and Sudan to discuss the progress of the Horn of Africa Initiative (HoAI) in areas such as trade and energy as well as to develop a regional digital eco-system.

Finance Ministers in Djibouti joined Ms. Nnenna Nwabufo, Managing Director for East Africa of the African Development Bank (AfDB), and IGAD Executive Secretary Dr. Workineh Gebeyehu attending the meeting as an observer, bringing knowledge of the regional organization and experience for the further advancement of the Initiative’s programs and projects.

This meeting, which also included development partners such as the World Bank and the EU as well as various media organizations, aims to promote greater awareness and support for the Initiative among a wide range of audiences in increasing the visibility of the initiative’s achievements.

During the meeting, Minister Ahmed Shide welcomed the new status of Sudan as a full member of HoAI. As a result, the Minister said that the Initiative will develop new priorities to align Sudan’s economic development agenda with the Initiatives agenda, and said the first project involving Sudan is expected to be approved in the year to come, like the agro-pastoralism project that has already been submitted by the country.

Further, he added that although Sudan was not previously a full member, it benefited from HoAI projects, including Covid-19 control efforts and periodic pest control efforts.

The Minister also expressed his appreciation for the continued support and commitment of the African Development Bank, the European Union and the World Bank Group to help advance the implementation of the Initiative’s programs. the Horn of Africa.

The current chairman of the HoAI secretariat, llyas Moussa Dawaleh, Minister of Economy and Finance of Djibouti, said on his behalf so far that the Initiative has mobilized more than $ 3.3 billion from the three partners in the development to fund critical regional priorities in areas such as transport connectivity. , energy trade, digital economy, trade facilitation, agro-pastoralism, locust control and resilience building.

The HoAI is currently working to mobilize $ 15 billion in funding for its already approved priority development projects, according to the MoFA.

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