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Kenya secures Comesa grant to speed up trade integrationFriday, July 25, 2014 > 08:12:27
The Common Market for Eastern and Southern African has advanced Sh295 million (â‚¬2.46 million) to Kenya to facilitate the deepening of regional integration. The regional body signed the grant with Kenya to give the country access to â‚¬2.46 million from the Comesa Adjustment Facility (Comesa-CAF).
The funds will be used to support regional integration programmes. The facility is expected to tackle various hurdles that have stood in the way of enhancing trade and other cross border activities within the Comesa and East African Community blocs, including addressing issues of tariff barriers along major transport corridors.
The agreement was signed by Cabinet Secretary National Treasury, Henry Rotich and Sindiso Ngwenya, Comesa Secretary General. “Under the agreement, â‚¬2,469,963 would be available to Kenya to support domestication and implementation of regional commitments at the national level to enhance integration agenda,” indicated a Statement from Comesa secretariat.
The current agreement is an addendum to a previous one signed in 2013, which provided â‚¬1,764,345, bringing the total funding to â‚¬4,234,309. An additional indicative amount of â‚¬ 4,730,805 (Sh554 million) is available for Kenya under the Adjustment Facility for the next two years and will be disbursed based on progress under the regional integration framework of the Comesa and EAC region.