The Commercial Bank of Ethiopia has signed an agreement on the transfer of business
letters of credit with the Bank of Somaliland, according to a report on Wednesday
by the Economist Intelligence Unit (EIU).
It said that the infrastructure needed to develop Somaliland's trade with Ethiopia
had received a boost when the offices of the new Somaliland Roads Authority (SRA),
a joint venture between the government and private sector, and supported by the
European Union (EU), officially opened in Hargeysa on 23 May.
SRA had already begun maintenance work on more than 150 km of road between Berber
and Kalabeit along the road corridor to Ethiopia.
It said a second US $4 million road rehabilitation project by the European Union
and Denmark had also been signed.
The project would upgrade the road network between Dila-Hargeisa-Berbera and Burao.