EAC to unveil US$ 20M Private Sector Fund in November 2015
The East African Community will in November this year launch a Private Sector Fund with the aim of deepening the participation of the private sector in the EAC integration process.
EAC Secretary-General (SG) Amb. Dr Richard Sezibera said the US$ 20 million fund would be launched by the regional economic bloc’s Heads of State at their Summit in November 2015.
Dr Sezibera said private sector firms from all the five EAC Partner States were making contributions to the fund, adding that the EAC was working in close collaboration with the East African Business Council (EABC) on the initiative.
Dr Sezibera thanked the private sector for responding favourably to the Community’s proposal to set up the fund.
The SG further disclosed that the EAC had signed agreements with the European Union under which the Community will receive 85 million euros, in addition to financing for infrastructure and other development projects.
The SG was addressing the opening session of the EAC’s Pre-Budget Conference for the Financial Year 2016/2017 at the EAC Headquarters in Arusha, Tanzania. Present at the function were Uganda’s Minister for EAC Affairs Mr Shem Bageine and Dr Odette Nyiramilimo, Chairperson of the General Purpose Committee at the East African Legislative Assembly (EALA).
The two-day conference is being attended by MPs from EALA, EAC employees, delegates from the Partner States, as well as representatives of EAC institutions.
Dr Sezibera proposed that the Community focuses on the six priority interventions during the 2016/2017 Financial Year, namely:
- Full implementation of the EAC Single Customs Territory;
- Enhanced implementation of the EAC Common Market Protocol especially with regard to: negotiating additional commitments and; interconnectivity of border immigration systems and procedures across the Partner States;
- Development of cross-border infrastructure and harmonisation of laws, policies and standards in the respective sub-sectors; implementation of a liberalised EAC Air Space; enhanced implementation of computerised weather prediction models; and, implementation of a One Network Area in telecommunications;
- Development and harmonisation of legislation, regulations and standards to establish an EAC Energy Common Market, including work on an EAC Energy Exchange and finalise remaining energy inter-connectors across borders;
- 4th Heads of State Retreat on Infrastructure Development and Financing; and
- EAC Peace and Security Initiatives
The outcome of the conference will be presented to the 32nd meeting of the EAC Council of Ministers that will be held from 10–15th August in Arusha.
In her remarks, Dr Nyiramilimo called for increased allocation of funds to the Social and Productive Sectors, adding that the sectors were at the heart of the East Africans and socio-economic development of the region.
“We urge you all to focus on priorities that touch on the lives of East Africans so that the integration process is a reality we can identify with. I am sure the Secretariat will support us all in this as we make efforts to take integration and its benefits to East Africans”, said Dr Nyiramilimo.