EAC gets US$15m integration boost

The government of Sweden has given a US$15m grant to support regional economic integration. According to a statement received by The New Times from TradeMark East Africa office in Nairobi, the grant will be used in infrastructural development projects such as ports, improvement in the region’s border crossings and support growth of the region’s private sector. Another area to be focused is elimination of non-trade barriers that are currently regarded as impediments in integration process.During the signing of a contribution agreement between the government of Sweden and TradeMark East Africa, the Chargé d’Affaires at the Swedish Embassy, Björn Häggmark, said his government will continue supporting the East African Community to realise its agenda. “This additional core investment underlines Sweden’s commitment to East African integration. East Africa’s potential has never been greater; East Africa is an increasingly important and vibrant player in the world economy. It must also be remembered that integration is not only about economics; integration does also enhance peace and stability”David Leahy, a member of TMEA’s Board of Directors who signed the agreement on behalf of TMEA, welcomed the support, adding it would help in addressing the issues of transport costs hindering the community.“We very much welcome this increased support from the Government of Sweden for our work, and thank them for their commitment. It will help in implementation of TradeMark East Africa’s (TMEA) comprehensive programme to increase trade, reduce the region’s transport costs and increase the pace of economic integration is scaling up rapidly. All these activities are essential to sustain the region’s growth rates and reduce poverty.”

National

EAC gets US$15m integration boost