The African Development Bank (AfDB) has reaffirmed its commitment to Africa’s economic integration by investing $55 billion in regional connectivity over the past decade. Dr. Joy Kategekwa, Director of Regional Integration at AfDB, revealed this during the launch of the East African Community (EAC) Common Market Capital, Services, and Goods (CSG) Scan for 2023-2024.
Highlighting the importance of the EAC Common Market Protocol, she outlined key projects, including the $3.9 billion electrified Standard Gauge Railway, the EAC Payment and Settlement Systems, and capacity-building initiatives to enhance trade and industrial production. These investments aim to foster greater economic cohesion and development across East Africa, aligning with the goals of the African Continental Free Trade Area (AfCFTA).
AfDB’s $5.5 billion Integrate Africa portfolio, the largest in Africa, focuses on transport infrastructure (64%) to boost regional trade. The railway linking Burundi, Tanzania, and the Democratic Republic of Congo was highlighted as a significant project. AfDB has also invested in soft connectivity initiatives, such as integrating payment systems across borders and building capacity to reduce non-tariff barriers.
Dr. Kategekwa underscored the need for collaboration among governments, businesses, and other stakeholders to harness AfCFTA’s $3 trillion market potential.
She also stressed the importance of building production capacity within Africa, urging businesses to focus on meeting the continent’s market demands while harmonizing policies and improving infrastructure. Dr. Kategekwa concluded by emphasizing the need for continued dedication to the EAC Common Market Protocol to seize the vast economic opportunities within the region. “Together, we can create a prosperous region ready to seize the vast opportunities offered by the AfCFTA”.
