Ziraat Katılım International Bank, a Turkish-owned financial institution, opened its first branch in Mogadishu. Government officials and leaders from various Somali banks attended the opening ceremony, including Somalia’s Finance Minister, Bihi Iman Egeh. The Minister hailed the establishment of the Turkish bank in Somalia as a significant milestone and underlined that it is the first international bank to open a centre in Mogadishu.
Mogadishu, SOMALIA.
“It was a pleasure to join the branch opening ceremony celebrations of Turkey‘s [Türkiye’s] Ziraat Katilim Bank today [29 October] in Mogadishu. Somalia‘s business will benefit from this globally connected and respected bank, as will our government, which seeks to grow the economy,” stated Minister Egeh. He further expressed his gratitude for witnessing the opening of the bank.
The arrival of Ziraat Katılım Bank in Mogadishu will contribute to the development of the country’s economy and strengthen international business relations. It will provide opportunities for Somali businesses and individuals to engage in global financial transactions more effectively. The initiative is also expected to attract foreign investment and promote trade activities. Crucially, the establishment reflects the growing confidence in the stability and potential of Somalia’s financial sector.
Prime Minister’s endorsement
Moreover, the opening of the Mogadishu branch signifies a step forward in strengthening economic ties between Türkiye and Somalia. It follows Somalia’s President Hassan Sheikh Mohamud’s visit to Türkiye, where he met with his counterpart Recep Tayyip Erdoğan. The two leaders agreed on fostering cooperation and promoting trade and investment opportunities for both countries. The opening of the Ziraat Katılım Bank is the first significant step in that direction.
Yesterday, the Prime Minister of Somalia, Hamza Abdi Barre, received the leaders of the Ziraat Katılım Bank. The Prime Minister thanked them for opening the new centre and highlighted the opportunity to boost business cooperation, economic development and trade relationship between the two brotherly communities. PM Hamza also discussed various business opportunities in Somalia to invest in, which would help the Somali people to benefit more from the resources their country has.
Türkiye and Somalia are fostering ties
Somalia has developed a strong economic, diplomatic, and military alliance with Türkiye, a relationship that has been steadily growing since President Erdoğan visited Somalia in 2011. Since then, Türkiye has constructed its largest African embassy, spanning 80,000 square meters, in Mogadishu.
Furthermore, Turkish humanitarian organisations have been active in Somalia, playing a crucial role in preventing a famine in 2022, as the nation grappled with one of its most severe droughts in four decades over the past two years. Additionally, Somalia hosts Türkiye’s largest overseas military base and training facility, Camp TURKSOM.
