COMESA and AfDB sign $8.5 million deal

The Common Market for Eastern and Southern Africa (COMESA) and the African Development Bank (AfDB) have signed two grant agreements valued at 8.5 million US dollars.

Seven point five million US dollars will go towards supporting the COMESA-EAC and SADC tripartite program while the remaining 962, 850 US dollars will go towards support for the COMESA Trading for Peace (TfP).

Speaking in Lusaka during the signing ceremony this morning, COMESA Secretary General Sindiso Ngwenya disclosed that the funds provided by the AfDB will be very useful to COMESA in filling up the existing gaps in the implementation of the tripartite program.

Mr. Ngwenya also notes that the funds will be used to enhance the existing Trade Information Desks which have been installed at various border posts of the DRC and Zambia.

Mr. Ngwenya has since pledged COMESA’s commitment to implementing the programs the AfDB has funded through the two grant agreements.

And speaking on behalf of the AfDB president, AfDB Resident representative Freddie Kwesiga reassured COMESA of his banks’continued support during the implementation phase of the funded programs.

Dr. Kwesiga has also called for both parties involved in the implementation of the programs to ensure that the programs are implemented in a timely and efficient manner in order for the expected benefits to be attained.

Dr. Kwesiga has further reiterated his Bank’s unwavering commitment to continue working with regional economic communities, development partners and governments to mobilize resources needed to address challenges related to trade and regional integration.