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Friday, 07 June 2013

Finland: €4m to back EAC Economic integration

Finland on Friday May 24th gave 4 million Euros to TradeMark East Africa (TMEA) to support its work in enhancing regional economic integration and trade in the East African Community (EAC) over the period 2013 to 2015.
TMEA  is a multi-donor funded development agency working with  national governments, the private sector, civil society and the EAC to reduce barriers to smooth and efficient commerce across the EAC bloc to bring prosperity and opportunity to its 160 million citizens. TMEA supports multiple partners across the region to achieve growth in trade.
Finland’s strategy for development cooperation and action plan for aid for trade put more emphasis on the development of trade and regional economic integration. The Finnish government believes that supporting increased trade in the region in combination with assistance to the private sector will accelerate economic growth and jobs, with the ultimate goal of poverty reduction.
With the help of this grant, TMEA and its partners are trying to reduce the costs of transport to and within East Africa – some of the highest in the world – to reduce the costs of imports and grow private sector commerce and government revenues.
The East African Community (EAC) is an intergovernmental organisation comprising five countries: Burundi, Kenya, Rwanda, Tanzania and Uganda. Since 2010, the EAC is a common market.

Source: TradeMark East Africa