Feb 4 , 2023
The Cooperative Bank of Oromia (COOP) is prepared to enter Djibouti's financial sector. According to executives, COOP aims to build a more substantial presence in Djibouti by offering high-quality and innovative banking services. The delegates from COOP discussed with Ahmed Salah, the Governor of the Central Bank of Djibouti, the commitment to enhance economic ties between Ethiopia and Djibouti and promote greater financial integration. The delegation also visited the Doraleh Multipurpose Port (DMP) last week. According to an IMF report, the war in 2020 led to a simultaneous decline in Djibouti’s port traffic, and the international rise in commodity prices aggravated the economic shock and regional drought. The report revealed Djibouti’s indebted economy hangs on the delicate peace deal agreed upon in Ethiopia. Ethiopia provides several agricultural commodities to Djibouti, the main one being Khat which accounted for seven percent of all imports in 2020. As the trade and investment between the two countries are on an upward trajectory, the interconnectivity in the banking sector is thriving all the same.
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