Horn Of Africa Gets Development Boost As Lenders Pledge $8 Billion

According to Reuters, Global Development Lenders have pledged more than $8 billion to boost economic growth in eight countries in the Horn of Africa region.

The Horn of Africa region has faced several challenges over the last few decades including political and security related threats. Despite all these, the region is one of the most promising in the continent in terms of economic growth. However, in order to realize this potential, the Horn of Africa region would have to meet crucial development milestones like a clear infrastructure that links the eight countries.

The Horn of Africa region features some of the world's fastest growing economies including, and is comprised of Kenya, Uganda, Sudan, Eritrea, Somalia, Ethiopia, Djibouti and South Sudan.

The $8 billion pledged by global development lenders will be invested in the countries' infrastructure development, which
include projects like regional oil and gas pipelines, programmes to improve health and access to energy, as well as, the expansion of university education and job training in the coming years.

The countries of the Horn of Africa are making important yet unheralded progress in economic growth and political stability, United Nations Secretary General Ban Ki-moon said in a statement announcing the commitments.
Now is a crucial moment to support those efforts, end the cycles of conflict and poverty, and move from fragility to sustainability,” Ban added. 

Most of the countries in the Horn of Africa region have shown impressive signs of economic growth with Ethiopia, Kenya and Sudan being among the most promising. The countries in this region also boast a wealth of mineral deposits, which would become more accessible and easy to commercialize with improved infrastructure.

NB: Photo UNDP.