Somalia is banking on new opportunities coming out of recent debt relief to seek new credit lines and open up for trade.

And in spite of security challenges and ongoing state rebuilding, Somalia’s Ambassador to Kenya Jabril Ibrahim Abdulle says Somalia is yearning to play a big role in region and international stage.

“Of course, people sometimes question if Somalia is also bringing a security challenge to the table. But I think things are getting better,” he told our sister publication, the Sunday Nation, in an interview.

“Last year, we were the only East African country that had zero debt after all our debts were forgiven by the World Bank and IMF. It gave us a fresh start and opens a huge market for East Africa.”

In December, Somalia reached an agreement to cancel $4.5 billion of debt with international lenders. That, the diplomat says, gave it new opportunity to attract investors as well as be eligible to borrow more from lenders. So far, Mogadishu has been cautious of simply piling new debt and officials have said they will prioritise opening up and rebuilding state institutions instead.

Last week, Somalia signed a financial agreement with the International Fund for Agricultural Development (IFAD) which will see Mogadishu receive up to $31.22 million for support programmes related to food security in rural areas.