One initiative for common challenges
The Horn of Africa Initiative
During the World Bank Group/IMF Annual Meetings held on 18 October 2019 in Washington, D.C. The Ministers of Finance and the representatives of the Horn of Africa (HoA) countries highlighted the importance of developing a coordinated approach and initiated the Horn of Africa Initiative, bringing the five nations together to address shared regional challenges.
Challenges that know no borders like natural disasters, pandemics and insecurity, and fragility. On the other hand, better regional connectivity, more trade and improved access to energy and digital services are expected to make a big contribution to economic growth and poverty reduction. There are also economies of scale inherent within the Horn of Africa Initiative that may be exploited.
To this end, the HoA countries have agreed on priority proposals in four thematic areas, where the national policies of such States are expected to converge to achieve deeper regional cooperation and market integration in the Horn of Africa.