Monrovia, Liberia – Highlighting its dedication to improving regional connection throughout the African continent, the African Development Bank (AfDB) disclosed that it has spent $55 billion in regional connectivity over the last ten years.
Dr. Joy Kategekwa, Director of Regional Integration at AfDB Group, expressed this during the introduction of the Common Market Capital, Services, and Goods (CSG) Scan for the East African Community (EAC) in 2023–2024.
With a focus on the EAC Common Market Protocol, Dr. Kategekwa highlighted the Bank’s position as a key partner for East African development in his speech on the topic “Keeping the Promise to Integrate Africa.” She clarified that the goal of this treaty is to encourage the free flow of capital, products, and services within the area in order to strengthen economic integration.
The Bank’s commitment to creating a more interconnected East Africa is demonstrated by its $5.5 billion Integrate Africa portfolio for Eastern Africa, which is the largest in Africa.
“With 64% of the Integrate Africa portfolio directed toward transport infrastructure, the Bank has funded significant projects that will enhance regional trade. Among them is the $3.9 billion electrified Standard Gauge Railway connecting Burundi, Tanzania, and the Democratic Republic of Congo, with $700 million provided by AfDB. This railway will streamline trade and mobility across East African borders, supporting the region’s growing economic needs,” she highlighted.
In addition to infrastructure, AfDB has made investments in “soft” connection initiatives, such the $20 million EAC Payment and Settlement Systems Integration Project, according to Dr. Kategekwa. By enabling cross-border transactions in local currencies, this program helps firms cut down on transaction costs and delays. The $11 million EAC Capacity Building Project also intends to overcome non-tariff obstacles and reduce trade costs, making East Africa a more attractive business location, she continued.
In addition to Eastern Africa, Dr. Kategekwa underlined the importance of these investments for Africa’s larger objectives under the $3 trillion market known as the African Continental Free Trade Area (AfCFTA). She called on governments and corporate groups to work together to turn East Africa into a single economic power, highlighting the potential of regional sectors including agribusiness, electric car production, and digital banking.
“The challenges Africa face transcend borders, and so must our solutions,” Dr. Kategekwa remarked.
She reaffirmed AfDB’s dedication to bolstering East Africa’s economic resilience by means of integration initiatives and strong infrastructure that will benefit millions of people throughout the continent.
Dr. Kategekwa underlined the significance of African firms and organizations investing in and expanding production capacity in the field of industrial production. She emphasized that if the private sector in Africa concentrates on fulfilling the production demands of the African market, the idea of “Keeping the Promise” will have genuine meaning.
Dr. Kategekwa clarified that as African nations need to be able to produce and trade with one another, this is essential to furthering the regional integration goal. She also emphasized that for production to succeed, quality requirements must be met by the market.
Dr. Kategekwa urged all parties involved to fully implement the EAC Common Market Protocol, emphasizing the significance of aligning policies, improving infrastructure, and lowering trade obstacles. “Together, we can create a prosperous region ready to seize the vast opportunities offered by the AfCFTA,” she said.
