Somalia Set to Take Over Leadership of the Horn of Africa Initiative

"The Minister of Finance of Somalia, Bihi Iman Igeh, speaking at the conference, emphasized the importance of prioritizing investment in economic development projects, specifically highlighting the need for Somalia to secure dedicated sources of funding," stated a press release from the Somali Ministry of Finance.

During Ethiopia's tenure, the country reported notable progress, including streamlining trade across the region, improving customs systems to ease business operations, and enhancing cooperation among regional institutions to strengthen ties between member states.

“The initiative aimed to raise $15 billion to fund regional infrastructure projects. More than half of that amount has already been secured, thanks to support from international financial institutions,” reported the Ethiopian News Agency.

Established in October 2019, the Horn of Africa Initiative includes Ethiopia, Djibouti, Eritrea, Kenya, Somalia, Sudan, and South Sudan. The initiative focuses on infrastructure integration, trade facilitation, addressing natural and human-induced challenges, and developing human resources. Key backers of the initiative include the African Development Bank, the European Union, and the World Bank. Recently, Germany, the United Kingdom, and the Arab Bank for Economic Development in Africa also joined as partners.