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SOMALIA: Trade and transport agreements with Ethiopia

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.

The 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.

 


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