An estimated $70bn is required, over the next ten years, to finance the implementation of the East African Community transport strategy.
This was revealed yesterday by alloys Mutabingwa, the EAC deputy Secretary General in charge of planning and infrastructure.
According to Mutabingwa, the money would facilitate a fully developed infrastructure network for the region.
He, however, noted that concerted efforts would be required if the money was to be mobilized.
Infrastructure experts from EAC partner states are meeting in Kigali to validate the draft final report of the East African Transport Strategy and Roads Development Programme (EATSRDP)
Mutabingwa revealed that if the draft report is finalized and approved by the council of ministers, they will embark on possible ways of soliciting for funds from all member countries.
“We shall now embark on ways of mobilising the funds through collaborating with partner states’ finance and infrastructural ministers,” Mutabingwa added.
Meanwhile EAC financial and infrastructural ministers agreed to be meeting twice a year to review the financing and prioritization of infrastructure related projects.