Somalia, African Development Bank discuss economic reforms and investment

SEOUL, South Korea — Somalia’s Finance Minister Bihi Iman Egeh held talks in Seoul with African Development Bank (AfDB) President Sidi Ould Tah on economic reforms, investment and development priorities, the ministry said.

The meeting took place on the sidelines of a gathering of African and South Korean finance ministers in the South Korean capital. Egeh briefed the AfDB president on the current state of Somalia’s economy and outlined government priorities requiring financing, with discussions focusing on financial reforms and efforts to strengthen economic growth. The two sides also discussed ways to deepen cooperation between Somalia and the African Development Bank, particularly in attracting investment and expanding the role of the private sector in the country’s economic development. Regional economic integration in the Horn of Africa was also discussed, with the minister highlighting the importance of stronger regional cooperation and greater economic links. Egeh said the African Development Bank remained one of Somalia’s key partners in supporting the reconstruction of the country’s economic system and financing development projects. The talks come as Somalia pursues economic and financial reforms aimed at strengthening public finances, expanding investment opportunities and supporting longer-term economic development. The government has increasingly sought international financing and private-sector investment as it works to strengthen economic institutions and improve the country’s prospects for sustainable growth.

The meeting took place on the sidelines of a gathering of African and South Korean finance ministers in the South Korean capital.

Egeh briefed the AfDB president on the current state of Somalia’s economy and outlined government priorities requiring financing, with discussions focusing on financial reforms and efforts to strengthen economic growth.