President Paul Kagame has called for a sustainable financing mechanism for the East African Community (EAC) as a means to address the inadequate funding that could hinder the regional integration agenda.

He made the remarks while addressing the special sitting of East African Legislative Assembly (EALA) – the legislative arm of the EAC – which took place in Kigali on Tuesday, November 1.

Kagame said that since its re-establishment 20 years ago, the East African Community has made significant progress towards the creation of the single market, indicating that the East African Legislative Assembly is an integral part of this success.

"By harmonising laws and policies and providing oversight of regional bodies, the Assembly helps ensure the interest of all citizens are being served,” the President said.

Much as the Community made progress in line with advancing regional integration, the Head of State said that there are issues that need to be addressed for better results.

"But challenges remain. First, the East African Community is currently underfunded, delaying the implementation of projects and programmes,” he said.

"As partners, we must work together to adopt a sustainable financing mechanism and take full ownership of our development with less reliance on external support, which we are appreciative of. Connected to that, we must ensure that resources are spent soundly, and make financial accountability a top priority,” he said.

Another issue that was facing the regional bloc, is that it was moving slowly given its set targets, including the creation of the EAC monetary union (EAMU).

"Second, we are far behind the timeline we set for ourselves to achieve some of the major goals for the Community. For example, the establishment of the East African Monetary Institute is years behind schedule. Yet, this institution is necessary for achieving a monetary union,” he said.

According to the regional Community, the EAMU Protocol was adopted in accordance with the EAC Treaty and signed on November 30, 2013. It lays groundwork for a monetary union within 10 years (by 2024), and allows the EAC Partner States to gradually converge their currencies into a single currency in the Community.

Kagame said "despite good progress in removing non-tariff barriers, many still remain. This hinders the free movement of goods and services, which is the foundation of our region's shared prosperity of the future. Here, political will is the solution”.