FOREIGN NEWS : EAC to set up infrastructure development fund

NAIROBI - The Secretary General of the East African Community, Ambassador Juma Mwapachu has hailed Ministers of Finance of the five EAC member states for agreeing to step up efforts to improve infrastructure in the East African region.

NAIROBI - The Secretary General of the East African Community, Ambassador Juma Mwapachu has hailed Ministers of Finance of the five EAC member states for agreeing to step up efforts to improve infrastructure in the East African region.

This follows a decision by EAC finance ministers meeting in Arusha yesterday where they agreed to set up a joint fund under the East Africa Development Bank to coordinate financing for infrastructure development in the region.

Mwapachu noted that the decision came at a critical time when the Council of Ministers was due to meet in Arusha to consider the Final Draft Common Market Protocol due to be signed by the EAC Heads of State on 20 November 2009.

He says the East Africa Community is at a critical stage when the Customs Union was going into the fully fledged stage on 1st January 2010.

The Secretary General also noted as impressive the ongoing study for the establishment of the East African Monetary Union and urged the Central Governors to take the lead in providing the necessary guidance.

Mwapachu says that representatives from Capital Markets Authorities were making headway in evolving a regionally focused capital markets regime and the critical matter was the need for regulatory regime to manage free movement of capital including the stock exchange in order to open up economic space in East Africa.

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