The 12th East African Community (EAC) partnership fund steering committee has approved a budget of approximately $7 million for the 2010/2011 Financial Year (FY), The New Times reports.
The EAC Partnership Fund is a basket fund with contributions from development partners to support activities in the EAC.
According to an EAC statement sent to The New Times yesterday, the budget will cover eleven key priority areas which include supporting the implementation of the Common Market Protocol which came into force in July this year.
Other areas include; support to laying the foundation for the EAC Monetary Union, the bloc’s communications, publicity and outreach programme and the Comprehensive Sensitization Programme in the Partner States.
The disbursements have progressively increased from USD 640,920 in FY 2006/2007 to USD 1,923,000 in FY 2007/2008; USD 6,611,000 (FY 2008/2009); and USD 6,226,875 (FY 2009/2010).
The EAC Secretary, General Juma Mwapachu, commended the development partners for their continued support and noted that their disbursements to the tune of $15.4 million to the EAC Partnership Fund demonstrated continued confidence in the EAC regional integration agenda.
Speaking on behalf of the donors, Ambassador Toivonen from Finland reiterated the Development Partners’ continued commitment and support to the regional bloc.
The Development Partners’ representatives were from Belgium, Canada, Denmark, Germany, Finland, France, Ireland, Japan, Netherlands, Norway, Sweden, UK, USA and the European Union.