ADDIS ABABA – The Horn of Africa Initiative (HoAI) is prioritizing an integrated regional approach to accelerate project implementation and mobilize resources for the benefit of the region, according to the Ministry of Finance.
The 23rd HoAI Ministerial Meeting, held yesterday, brought together finance ministers from member countries, along with representatives from the World Bank, the African Development Bank, and the European Union. The meeting focused on strengthening regional collaboration to achieve sustainable development and stability.
Finance Minister Ahmed Shide stated at a press conference that the initiative has prioritized strategic projects and programs focusing on infrastructure connectivity, human development, resilience building, and trade facilitation. He emphasized the importance of mechanisms to address pressing development issues.
Ahmed highlighted the crucial role of ministerial leadership in sustaining the initiative since its inception and acknowledged the instrumental support of development partners in mobilizing resources for priority programs.
To date, the initiative has secured financing commitments of 9.7 billion USD for projects currently under construction or in the pipeline, with identified projects totaling 18 billion USD.
The initiative aims to support member countries in addressing development challenges through an integrated regional approach, encompassing interconnected infrastructure, including cross-border land development, health interventions, and skills development for job creation.
Minister Ahmed emphasized the need to institutionalize policy, organization, facilitation, and resource mobilization to expedite project implementation for large-scale infrastructure development. He lauded the fifth anniversary of the gathering for its contributions to advancing regional integration.
He noted that the initiative has developed regional projects in areas such as infrastructure connectivity, regional digital projects, resilience, and health, all designed to ensure mutual benefit for participating countries.
Approximately twenty projects are currently being implemented in Ethiopia under this initiative. Of the total 9.7 billion USD committed to the initiative in East Africa, Ethiopia has received 3 billion USD, making it the largest beneficiary.
“The initiative, along with its development partners, has agreed to renew efforts to mobilize financing,” Ahmed added.
Representatives from the U.S., the UK, Germany and the Arab Bank for African Development were also in attendance.
BY ASHENAFI ANIMUT
THE ETHIOPIAN HERALD WEDNESDAY 19 FEBRUARY 2025
