AFRICAN SUB-REGIONAL GROUPINGS, EU SIGN CREDIT FACILITY AGREEMENTS

NAIROBI, Feb 19 (NNN-KBC) — The European Union (EU) has signed a 4.485 million Euro Technical Co-operation Facility with the Common Markets for East and Southern Africa (COMESA) as part of the 1.3 billion Euro in assistance it is providing to Africa for six years from 2014 to 2020.

The Head of the European Union Delegation to Zambia and Special representative to COMESA, Alessandro Mariani, and COMESA Secretary-General Sindiso Ngwenya signed the agreement for the facility which is part of the 1.3 billion Euro being provided by the EU under the 11th European Development Fund (EDF) Regional Indicative Programme (RIP) for the Eastern Africa-Southern Africa region signed in June 2015 for the period 2014 to 2020.

The distribution to the five Regional Economic Communities (RECs) is: COMESA 1,525,000 Euro, Southern African Development Community (SADC) 1,615,000 Euro, East African Community (EAC) 1,525,000 Euro, Inter-Governmental Authority on Development (IGAD) 1,435,000 Euro and the Indian Ocean Commission (IOC) 900,000 Euro.

According to a statement received here Thursday from the COMESA Secretariat, 600 million Euro will be used on infrastructure projects; 205 million Euro for selected cross-regional actions and 450 million Euro are for the specific envelopes of COMESA, EAC, IGAD, IOC and SADC. COMESA is expected to receive 85 million Euro.

Source: KBC