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Thursday, 13 September 2012

Funding for regional infrastructural projects: the EAC turns to Europe

As infrastructural challenges in Eastern Africa have been a major obstacle to the process of integration, the EAC Secretariat appears to be counting on Europe to get funding for regional infrastructural projects. According to an article by All Africa, Dr Richard Sezibera, the EAC Secretary General, met top officials of the European Investment Bank (EIB) this week, in Luxembourg City, with financing regional infrastructural projects at the top of the agenda.
Mr. Sezibera underlined that the slowdown of economic integration process has been caused by the lack of well developed infrastructures in member states. Additionally, he recalled of regional projects that need funding. Among them,  he spoke of the Kenya-South Sudan road link; Lake Victoria safety and navigation project; energy interconnectors for the regional power pool;  and Burundi control tower . The total cost of these and some others  amount  $175 million.
Sezibera, who is also chair of the Inter Regional Coordination Committee (IRCC) that brings together regional economic communities such as Intra-Governmental Authority on Development (IGAD) and the Common Market for Eastern and Southern Africa (COMESA), said that these blocs were looking at alternative ways to fund infrastructure beyond public investment, hence reaching out to the European Bank.

Source: All Africa