The World Bank has allocated15 million US dollars to boost and accelerate regional digital integration efforts across the East African region.
The money will be used through its Single Digital Market initiative aimed at supporting the region in digital investment.
The project will focus on connectivity market development and integration, which entails creating an enabling legal, regulatory, and ICT institutional environment
The grant was announced on Friday 16th December 2022 at the World Bank offices in Washington, D.C.
The deal was witnessed by EAC Secretary General Doctor. Peter Mathuki and the World Bank team led by Mohammed Essakali.
Dr Mathuki noted that EAC is looking at establishing regional digital innovation hubs across the partner states to respond to digital challenges.
The project is aligned with the EAC strategic objective and commitment to move towards a single digital market in the Community.
The East African Community is a regional intergovernmental organisation of seven partner states, comprising Burundi, Democratic Republic of Congo, Kenya, Rwanda, South Sudan, Tanzania and Uganda, with its headquarters in Arusha, Tanzania.
EAC aims at widening and deepening co-operation among the partner states and other regional economic communities in, among others, political, economic and social fields for their mutual benefit.
The World Bank’s private investment arm sees huge potential to boost investment in Africa and help support entrepreneurship and digital transformation on the continent, top officials with the International Finance Corp (IFC) said.
U.S. President Joe Biden this week hosted a three day summit attended by 45 African national leaders that was aimed at bolstering trade ties between the United States and Africa after years of inroads by rival China.