Peace at Last…Horn of Africa Countries Launch Regional Initiative, $15bn Investment on the Cards

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Five Horn of Africa countries – Ethiopia, Djibouti, Kenya, Eritrea, and Somalia – have launched an initiative to forge closer economic ties, building on the improving political climate in the sub-region.

The proposals require financing of around $15 billion.

The initiative was formalised on October 18 on the sidelines of the World Bank Group/International Monetary Fund (IMF) Annual Meetings in Washington DC.

The countries agreed on priority projects and programmes that would constitute the initiative, which was being developed by the countries with support from the African Development Bank, the European Union and the World Bank.

The effort would culminate in a financing forum next year to seek investors to realise a package of priorities identified by the quintet, which has over the past decade registered some of the highest growth rates in Africa.

African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Khaled Sherif, who attended…

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