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Somaliland Bank signs agreement

The Bank of Somaliland and the Commercial Bank of Ethiopia have signed a letter of credit agreement, reported Jamhuriya, an independent Hargeisa-based newspaper.

According to the report, the Letter of Credit, signed 30 May, covers the import and export of goods and facilitation of commercial transactions abroad.

Credit and banking facilities for the Somaliland business community previously required arrangements made in neighbouring countries and the Arab states.

The deal is the first since Somaliland's declaration of independence in 1991. The United Nations Development Program-Somalia, through its Capacity Building Facility program, provided the technical support to the bank of Somaliland to facilitate the agreement.

Somaliland officials have also recently held talks with the IMF and World Bank in Nairobi.

In a purely fact-finding mission, officials from the IMF and World Bank held talks with representatives from Somalia for the first time in ten years, reported AP.

"It seems the security situation in some areas is improving, and there is generally more economic activity", Milan Zavadjil, division chief of the IMF's Middle Eastern department told AP.

He said the IMF felt the fund should "discuss economic development and the situation in all of Somalia".

A regional analyst told IRIN that international bodies, like the World Bank and IMF, would be increasingly pushed to use "creative approaches" in areas like the Horn of Africa where authority and economic growth may not necessarily lie with recognised governments and institutions.

 

 

 


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