This was revealed by the Chairman of Board of Directors Ali Mufuruki who said EAC still needs the support of his organisation especially when it comes to Infrastructure development.

 

He said without well-developed infrastructure the EAC may fail to attract more international investors.

 

"We are committed to raise the funds from our development partner's because 80% of them are willing to offer their support after we proved capacity in effectively utilising the little resources they have given us," said Mukuruki.

 

This was during the TMEA -2014/2015 Annual performing report release in Kampala.

 

The $1billion will be used to support identified projects in the EAC countries Namely Uganda, Kenya, Burundi, Rwanda, Tanzania and the newly incorporated South Sudan. Without naming the projects TMEA will finance in the upcoming five years, Mufuruki said the projects will be developed by the member's states and must be in line with supporting trade and improving social services in the region.

 

Some of the development partner's TMEA hopes to raise the $1billion funds to finance the projects in the EAC Economic block includes Sweden Embassies, United Kingdom's DFID, Canada and USIAD among other financiers. The above mentioned partners have been Influential in supporting TMEA in the last five years. "The results are truly impressive. TMEA,s support for the Modernisation of ports in Mombasa and Dare Salam and its one stop border posts are transforming trade and driving integration across the region. The time it takes to move goods from Mombasa to Kampala has been halved to six days .A container now moves through the port of Mombasa in less than four hours" Reads, part of the Annual Performing report.

 

Some of the projects which TMEA executed in the EAC countries Include the Mombasa port yard 5rapaved in Kenya which resulted into more additional ground slot and more space for containers , the project also reduced the wear and tear on equipment and further reduced on the operational cost at the port.

 

Uganda's Minister of Trade Industries and Cooperatives Amelia Kyambadde said the presence of TMEA in Uganda has supported the Government in raising more revenue from cross border trade.

Source : allafrica.com