PTA Bank urged to increase lending for EAC projects

Jun 28, 2015

THE Secretary General of the East African Community, Amb. Dr. Richard Sezibera has urged the Preferential Trade Area Bank, to consider increasing lending for infrastructure projects in the EAC region

THE Secretary General of the East African Community, Amb. Dr. Richard Sezibera has urged the Preferential Trade Area Bank, commonly known as the PTA Bank to consider increasing lending for infrastructure projects in the EAC region as a way of leveraging EAC Partner States to facilitate more capital flow into major infrastructure projects from multiple financiers, development partners and the private sector.

 

The Secretary General, who was giving a key note address at the PTA Bank's 121st Board of Directors' Roundtable Working Dinner held in a Kigali Hotel in Rwanda, said the region was currently enjoying the highest level of political support for infrastructure development and that support (political) should catapult the efforts for resource mobilization and lead to fast tracked implementation of the priority projects.

 

The theme of the dinner was 'Unlocking Regional Infrastructure in the East African Region with Emphasis on Connectivity to Kenya and Tanzania'

 

Amb. Sezibera reiterated that efficient and cost effective transport system in the region calls for substantial intermodal projects developments to enhance regional connectivity and logistics. 

 

He said the prioritization of infrastructure development in the EAC was premised on three critical principles, namely; linking the landlocked Partner States to the Ports on the Indian Ocean notably the Ports of Mombasa and Dar es Salaam; reducing the cost of transportation to enhance competitiveness of the region; and a corridor based approach to the development of infrastructure.

 

"The role of the private sector investments is key in the success of the implementation of the priority infrastructure in the EAC and the region should develop avenues and products to tap into this capacity", affirmed the Secretary General.

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