Five Horn of Africa countries (Somalia, Kenya, Eritrea, Djibouti, Ethiopia) have launched an initiative to strengthen political and economic ties amongst themselves.

The countries will be investing in priority projects and programs that will constitute the initiative, being developed by the countries.

African Development Bank’s Vice President for Regional Development, Integration and Business Khaled Sherif at the roundtable meeting in Washington said: “The Horn of Africa’s geo-strategic position with regard to the Red Sea, the Arabian Sea, the Indian Ocean and the Gulf of Aden, has important regional and international significance. These can be harnessed to spur integration, resilience and usher in a new era of prosperity, enabling the countries to reap significant dividends from the current peace initiatives.”

The nations will be focusing on four key areas:

1. Improving regional infrastructure connectivity.
2. Promoting trade and economic integration.
3. Building resilience.
4. Strengthening human capital development.

The region is expected to receive a further boost with the 2018 peace accord between Eritrea and Ethiopia, which has already increased cross-border trade and could advance economic integration.

Culled from www.afdb.org