The private sector will find it much easier to expand into the rest of the East Africa as more donors step in to finance training projects that will help investors overcome trade constraints.
The African Capacity Building Foundation (ACBF) last week signed a pact with the region’s private sector in an agreement which seeks to unlock $1.8 million to deepen participation in the region’s economy.
'This is in recognition of the enormous role that lies ahead in terms of influencing the development of private sector policies and engaging with the political leadership within the East Africa region,' says ACBF executive secretary, Frannie Léautier.
Other donors funding capacity building projects in the EAC include Germany, Britain through the Department of International Development (DFID) and the US through the United States Agency for International Development (USAID).
The East Africa common market — which allows for free movement of goods and services across the five member states in a market of 126 million people — took effect on July 1.
The recently launched common market has placed a heavier demand on the private sector to produce quality goods and services in bigger volumes for a combined population of 126 million people.
Source: Nation Media