African Development Bank (AfDB) – On December 5, 2012, the African Development Fund (ADF) Board unanimously approved a regional operation ADF grant of USD 23million for the implementation of the East African Community (EAC) payment and settlement systems integration project.
The Board expressed overwhelming support to this project, in recognition of the project’s special importance, as an integral element of the overall infrastructure and technological platform required for the effective functioning of the proposed EA Monetary Union.
Board members noted the priority the Community countries have placed on the activities of this project, as a prerequisite for creating a firm foundation for ensuring that payments obligations within the sub-region are settled effectively.
The EAC as a Regional Economic Community (REC) is held in high regard by the AfDB, given the serious drive the EAC has maintained in pursuit of its regional integration agenda. Members noted the EAC Secretariat’s demonstrated capacity in implementing projects and commended the good baseline data provided in the log-frame, which is always a good sign of quality at entry.
It was also noted that the Central Banks and Commercial Banks in all five EAC countries (Tanzania, Rwanda, Uganda, Burundi and Kenya) have a strong buy-in on this project, which is important for the smooth implementation and achievement of the intended results for the public and private sector beneficiaries.
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