The African Development Bank and African Development Fund have approved the East African Community or EAC integration strategy with two billion US Dollars.
The note CRN got says the money will be used for implementing 20 projects approved by the Bank’s Board of Directors on October 10, 2018 for the next five years.
The EAC priority projects include cover transport and ICT connectivity, energy infrastructure, and management of trans-boundary water resources.
The Bank will also support projects aimed at accelerating implementation of the EAC single market, trade development and tackling of non-tariff barriers.
It will put policy structures for industrialization, promotion of EAC as a single investment and increase implementation of the payment and settlement systems.
East African Community Secretariat is already coordinating preparation studies for several regional infrastructure projects to bring them to bankability and ready for the construction phase.