EAC eyes Sh2 billion private sector fund to boost integration

The East African Community (EAC) plans to establish a Sh1.86 billion private sector fund to deepen the participation of the private sector in the regional bloc integration process.

Secretary General Richard Sezibera said the proposed fund, to be set up in close collaboration with the private sector, would be launched by the regional economic bloc’s Heads of State at their Summit in November this year. To set up the fund the EAC secretariat is drawing support from the East African Business Council (EABC) among other players.

“The new fund seeks to fast-track the implementation of East African Community private sector driven interventions, to increase the private sector’s ownership of the integration process, provide a framework for private sector intervention, and to broaden the community’s resource base,” said Dr Sezibera.

Partner states

Sezibera said private sector firms from all the five EAC Partner States were expected to make contributions to the fund between May and October this year. He said the contributions, which would be voluntary, would be in various categories depending on the contributor’s choice.

Sezibera who spoke during a media briefing after the first meeting on the establishment of the EAC-Private Sector Fund at a Nairobi hotel yesterday said the integration process will be people-driven with private sector as the engine of economic growth.

“The private sector will with the establishment of the fund play an even more important role in the integration as the drivers of economic growth,” he said.

He said the EAC Secretariat was engaging the private sector to have them actively involved in regional projects and programmes.

EABC Chairman Felix Mosha said the private sector in East Africa is the principal beneficiary of an integrated region.