{Trade Mark East Africa (TMEA) has launched a $7.5 million fund to finance innovative projects from the five East Africa partner states that focus on eliminating challenges that hamper regional trade.
\n}<\/p>\n
TMEA is a multi-donor funded agency that provides support for increased regional trade and economic integration. It seeks to accelerate the implementation of East African Community (EAC) protocols towards regional integration.<\/p>\n
The project dubbed \u2018\u2019Trade Mark East Africa Challenge Fund\u2019, was launched mid this week in Kigali by Mark Priestly, the Rwanda country director for the agency.<\/p>\n
The fund will run for a period of three years, targeting private sector and civil society organizations.<\/p>\n
\u201cA Challenge Fund such as this provides a great opportunity for us to approach business directly and tap into the well of creativity and entrepreneurship that exists out there,\u201d Priestly said during the launch.
\nSeveral challenges such as non-tariff barriers, compositeness and supply side constraints still hamper the region\u2019s fragile trade scenario, he said.<\/p>\n
\u201cIn particular, we are looking for innovative and new ideas for stimulating trade and overcoming the trade challenges that Rwanda and the region face,\u201d he asserted.<\/p>\n
The grant invests in innovative projects started by the private sector and civil society organizations that can boost regional trade among the partner states. The fund has already been introduced in Kenya and Tanzania and would soon be launched in Burundi and Uganda, he further noted.<\/p>\n
Rwanda\u2019s Minister of Trade and Industry, Francois Kanimba, said the fund was a timely initiative that would boost the country\u2019s efforts to transform its economy to a service-based one through increased exports.<\/p>\n
\u201cThis initiative will open the door to businesses which have innovative projects but have so far been unable to finance them due to the inherent risk involved,\u201d the minister underlined.<\/p>\n
The fund focuses on projects likely to deliver policy and institutional change, enhancing ability to deliver systematic change. \u201cIt\u2019s a niche fund that compliments other funds in operation,\u201d the minister observed.
\nKanimba said the challenge fund was an opportunity for Rwandans to compete regionally in accessing the funds to develop their businesses.<\/p>\n
\u201cYou have to work hard to be able to get a significant share (of the funds). You will be competing with other regional applicants,\u201d he emphasized, reminding interested applicants to submit their proposals on time.<\/p>\n
Some of the projects to be given priority include manufacturers who set up an innovative supply chain to source raw materials like cotton and vegetable oil seeds from other EAC countries, or telephone companies reducing calling costs by investing in new technologies that overcome infrastructure constraints, he added.<\/p>\n
On the picture: TMEA\u2019s CEO Frank Matsaert, Finance Minister John Rwangombwa and EAC Minister Monique Mukaruliza. (photo Abraham Rumanzi)
\n{The Guardian}<\/p>\n","protected":false},"excerpt":{"rendered":"
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