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Thursday, 18 March 2010

EU grants US$160m to support regional integration

The European Union (EU) on Monday granted four regional organisations of the Eastern and Southern Africa and Indian Ocean (ESA-IO) region financing worth €118 million (US$161 million) to support regional economic integration. The agreement, signed in Nairobi between the EU and the Inter-Governmental Authority on Development (Igad), Common Market for Eastern and Southern Africa (COMESA), East Africa Community (EAC), and Indian Ocean (IO) region, is expected to support a number of regional economic integration and development projects. “These developments will bring new challenges but also new opportunities for us to further develop our partnership, and extend its new areas such as climate change, migration and peace and security,” Gary Quince, Director of the Africa, Caribbean and Pacific (ACP) grouping at the EU Commission, said during the signing of the deals.

Source: Trade Law Centre for Southern Africa