Addis Ababa(Mogadishu24)-Finance ministers from Horn of African countries approved the completion of the Djibouti-Addis corridor, which will cost $750 million, at the 18th Horn of Africa Initiative ministerial meeting held in Addis Ababa, Ethiopia on Tuesday.

The ministerial meeting aimed to discuss investment in borderland regions and cooperation among the participating countries. 

The meeting was chaired by Ethiopia’s Finance Minister,  Ahmed Shide, and was attended by finance ministers from Somalia, Djibouti, Kenya, South Sudan, and Eritrea, along with representatives from the African Development Bank, World Bank, IGAD Secretariat, and European Union.

Somalia’s Minister of Finance, Bihi Iman Egeh, stressed the importance of the meeting, highlighting Somalia’s role in regional matters. 

“I participated in the Horn of Africa Initiative ministerial meeting in Addis Ababa. We discussed the importance of investing in borderland communities and the private sector’s role in financing cross-border projects. Somalia plays a key role in regional integration, trade, and investment,” said Bihi Iman Egeh, Somalia’s Finance minister. 

Djibouti’s Finance Minister, Ilyas Mousa Dawaleh, announced that the Djibouti-Addis Ababa corridor had been approved during the meeting. 

He emphasized that this corridor would enhance regional connectivity and logistics efficiency, benefiting Djibouti, Ethiopia, and Somalia. 

“Today, in the Horn of Africa Ministerial meeting, the Djibouti-Addis corridor, which will cost $750 million, has been approved. This corridor will be a key factor in promoting the economic growth of our region and will connect Ethiopia, Djibouti, and Somalia,” said Ilyas M. Dawaleh.

He added that the ministers also approved the Horn of Africa Borderland Roadmap, an initiative aimed at facilitating the movement of citizens, traders, and investors between borderland communities.

Dr. Workneh Gebeyehu, the Executive Secretary of the Intergovernmental Authority on Development (IGAD), emphasized the importance of the Borderlands Development Roadmap for regional economic growth. 

“Delighted to have spoken at the 18th Ministerial Meeting of the Horn of Africa Initiative in Addis Ababa. I highlighted the vital importance of the 2024-2028 Roadmap for Borderlands Development, acknowledging its great potential in promoting regional integration and addressing issues of marginalisation,” said Dr. Workneh Gebeyehu. 

He reaffirmed IGAD’s commitment to contributing to the successful implementation of the roadmap, which would promote regional peace, trade, and investment.

Djibouti has recently increased its involvement in regional issues, focusing on strengthening regional peace and stability.

This ministerial meeting came a week after Djibouti, Ethiopia, South Sudan, and Uganda signed an agreement on the finalization of the Djibouti-Addis-Juba-Kampala corridor during the 9th Single Window Conference held in Djibouti.