Washington, D.C. — Ethiopian Finance Minister Ahmed Shide has expressed enthusiasm for the increased interest from new partners in joining the Horn of Africa Initiative (HOAI), which aims to enhance economic integration among member nations.
According to Ethiopian News Agency, held in Washington, D.C. alongside the World Bank IMF Spring Meetings, there has been notable interest from entities including the Arab Bank for Economic Development in Africa, the Saudi Fund for Development, and representatives from the United States and Japan. The meeting, co-chaired by Shide and Victoria Kwakwa, the World Bank’s Regional Vice President for Eastern and Southern Africa, brought together finance ministers from the Horn of Africa and representatives from existing partners like the World Bank, AfDB, EU, Germany, and the UK.
During the session, Minister Shide called for observers to solidify their involvement through the HOAI Participation Framework and highlighted the initiative’s success in mobilizing resources since its inception in 2019. The initiative focuses on critical areas such as infrastructure, trade, investment, human development, and resilience, aiming to foster regional cooperation among countries including Djibouti, Somalia, Kenya, Ethiopia, Eritrea, South Sudan, and Sudan.
Additionally, the meeting addressed strategies to enhance financing for ongoing projects, particularly those involving South Sudan, and emphasized the importance of bolstering the Multi-Donor Trust Fund to maintain the momentum of the initiative’s goals.