The World Bank has said it will provide $1.2 billion to support infrastructure development and improve the COMPETITIVENESS of the East African Community (EAC) states.
It will also through private sector affiliates – International Finance Corporation (IFC) and Multilateral INVESTMENT Guarantee Agency (MIGA) – provide additional resources for regional infrastructure through market-driven private sector financing and guarantees. The financing will contribute to the EAC states’ planned INVESTMENTS in the next three to seven years.
This support is additional to large ongoing individual country programmes. “We are partnering with the EAC Governments, other development partners and the private sector to INVEST in regional infrastructure and to help deepen policy integration and reduce barriers to trade in the EAC,” said World Bank Country Director for Burundi, Tanzania and Uganda Philippe Dongier.
He was speaking during the EAC Heads of State summit on Infrastructure in Nairobi.
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