Djibouti(Mogadishu24)-The World Bank has approved an additional $90 million in funding to support the Regional Economic Corridor Project in Djibouti, as part of the Horn of Africa Initiative. This new credit builds on the initial $70 million granted in December 2021.

The project’s main goal is to improve regional connectivity, logistics efficiency, and accessibility for populations living along the southern corridor linking Djibouti to Addis Ababa. It is part of a broader regional integration initiative that includes Djibouti, Eritrea, Ethiopia, Kenya, and Somalia, aimed at strengthening economic ties across the Horn of Africa.

Ousmane Dione, the World Bank’s Vice President for the Middle East and North Africa, emphasized that the additional funding will solidify Djibouti’s position as a regional trade hub and contribute to the country’s Vision 2035, which seeks to diversify the economy and enhance social inclusion.

Djibouti’s strategic location at the heart of the Horn of Africa has made it a key player in regional transport and logistics. Ilyas Moussa Dawaleh, Djibouti’s Minister of Economy and Finance, expressed his gratitude for the ongoing infrastructure investments and thanked the World Bank for supporting regional and continental connectivity efforts.

The World Bank’s portfolio in Djibouti currently includes 19 projects totaling $401.3 million, covering various sectors such as education, health, energy, rural and urban development, public administration modernization, digital development, governance strengthening, infrastructure, and private sector development, with a focus on women and youth.