AfDB provides $173.48m to improve Africa’s sub-region’s transportation, trade facilitation
ABOUT US$173.48 million has been provided by the African Development Bank (AfDB) towards improving Africa’s sub-region’s transportation and trade facilitation.
The Common Market for Eastern and Southern Africa (COMESA) region hosts several transport corridors that are part of the continental programme for infrastructure development in Africa which the bank supports.
This is according to the AfDB Country Manager Raubil Durowoju at the COMESA 43rd Inter-Governmental meeting in Lusaka.
The corridors supported by the AfDB include the North South which links South Africa, Zimbabwe, Zambia and Tanzania.
Other corridors are the Northern corridor, linking Kenya and Uganda, Rwanda, Burundu and the Democratic Republic of Congo to the port of Mombasa.
Mr Durowoju said the bank viewed the integration of the COMESA countries as a promising path for accelerating the region growth and development.
In view of this, the bank in October this year approved US$173.48 million towards funding to improve the sub-region’s transportation and trade facilitation along the North-South corridor in Malawi, through Mozambique to the port of Mtwara.
Mr Durowoju indicated that the proposed project interlink at least four transport corridors namely North-south, Nacala, Beira and Mtwara.
“These are of importance in facilitating regional trade and movement between COMESA Member States. The components of this project include regional infrastructure development, trade facilitation and institutional support among others,” he said.
Ultimately, Mr Durowoju indicated that the project would help in boosting intra-African trade under the African Continental Free Trade Agreement (AfCFTA), a flagship of the African Union’s Agenda 2063 by reducing protectionism and facilitating trade.
He said the bank believes that the elimination of non-tariff barriers would go a long way in increasing intra-African trade.
Mr Durowoju said the role played by small and medium enterprises in cross border trade; especially women and youth cannot be overlooked.
He said COMESA had also been a pioneer in this regard through the introduction of the Simplified Trade Regime.