COMESA gets $10m technical aid
THE Common Market for Eastern and Southern Africa (COMESA) will receive US$10 million technical assistance grant to support the region’s off-grid energy market.
The grant is part of the US$415 million Regional Infrastructure Finance Facility (RIFF) approved by the World Bank’s International Development Association (IDA) to Eastern and Southern African Trade and Development Bank (TDB).
As part of the broader arrangement, the COMESA Secretariat would receive US$10 million technical assistance grant, geared at supporting the private infrastructure finance, in particular for the region’s off-grid energy market
TDB President and Chief Executive, Admassu Tadesse, said the fund would advance both regional integration and private sector development in the COMESA and broader Eastern and Southern Africa region. Dr Tadesse said the gesture demonstrated the World Bank’s strong commitment to Africa in the brave new age of the African Continental Free Trade Area (AfCTA). “Now effectively one of our major strategic funding partners – to advance both regional integration and private sector development in the COMESA and broader Eastern and Southern Africa region. “With stronger winds beneath our wings, we can look forward to more vigorously push headfirst the SDG and Africa 2063 Agendas, and more efficiently respond to the difficult circumstances brought about by the Covid-19 crisis,” he said. The US$ 415 million will also support the institutional strengthening of the Trade and Development Fund (TDF), a newly created sister institution which will undertake activities of educational nature and support non-commercial activities in TDB member states.
TDF Chairman of the Board of Directors, Oliver Saasa, underscored the significance of the development.
Professor Saasa stressed the importance of regional member countries, including Zambia, to take advantage of the Regional Bank’s just concluded World Bank-supported facility. He also sits on the Board of Directors of the Mauritius-based Eastern and Southern African Trade Fund.
Prof Saasa encouraged countries to access the requisite finances to expand infrastructure development and trade expansion for enhanced regional integration in the Eastern and Southern African region.
“This is another first in Africa and speaks volumes to the ever-growing confidence that TDB, as a multilateral investment- grade development financial institution, continues to receive globally,” he said.