$1.8m ACBF Grant to boost East Africa’s Private Sector

•East African Business Council (EABC) receives four-year grant of USD 1.8 million to support Regional Economic Integration

Dar es Salaam, Tanzania, July 23, 2010 – The African Capacity Building Foundation (ACBF) has today July 23, 2010 signed a Grant Agreement with the East African Business Council (EABC).

The USD 1.8 million four-year Grant to EABC will support the Council in delivering its ambitious work program, envisaged to help build the capacities of the private sector in the East Africa region.

The project, entitled, “Deepening Private Sector Participation in East Africa’s Economic Integration” will augment the on-going regional economic integration efforts and the role this plays in fostering stronger growth and alleviating poverty.

The signing of the EABC Grant comes at an opportune time when the East Africa Community (EAC) Common Market has been launched. The free movement of capital, labour, goods and services will create a heavier demand on the private sector to produce quality goods and services. Regional integration is one of Africa’s priorities in overcoming fragmentation across the Continent and reducing Africa’s economic marginalization.

ACBF Executive Secretary, Dr. Frannie Léautier said: “The Grant being made by ACBF is in recognition of the important and successful role that EABC has played in demonstrating its potential in representing the interests of its private sector members. This not only influences the development of private sector policies, but also engages with the political leadership within the East Africa region.”

“As a Foundation, we are cognizant of the fact that the East Africa Treaty places emphasis on private sector development as critical for the success of the integration process in Eastern Africa. The East Africa Community Private Sector Development Strategy (EAC-PSDS) provides an incentive framework for facilitating and promoting private sector development. It pays great emphasis on improving the business environment, and on the institutional and human capacity development necessary for increased trade and investment,” Dr Léautier said.

Mr Faustin Mbundu, the Chairman of East African Business Council said: “This grant is meant to increase our capacity to meet our objectives in expanding private sector participation in regional integration.”

“Over the next four years, EABC will strive to develop both human and institutional capacities, by supporting the harmonization of business related policies, laws and regulations; creating trade negotiation capacities among EABC members; enhancing corporate governance principles and practices, as well as participation in business and regional trade related fora,” Mr Mbundu said.

EAC Deputy Secretary General in charge of planning and infrastructure, Mr Alloys Mutabingwa, who was the Chief Guest, said: “This support will go a long way in enhancing the role that the EAC Treaty envisages for the private sector.”

About the African Capacity Building Foundation

ACBF was established in February 1991. It is the outcome of collaborative efforts between African governments and the international donor community. The Foundation’s mission is to build sustainable human and institutional capacity for sustainable growth, poverty reduction and good governance in Africa.

About East African Business Council
East African Business Council (EABC) is the apex body of private sector associations and corporates within the East African Community (EAC). Founded in 1997, EABC has since grown to play an increasingly significant role as a private sector representative in the EAC integration process. Its mission is to promote private sector’s competitiveness in Trade and Investment.

For further information contact:

Audrey Mpunzwana: a.mpunzwana@acbf-pact.org
Rutendo Kabarami: r.kambarami@acbf-pact.org
Godwin Muhwezi Bonge: gmuhwezi@eabc-online.com

Websites: http://www.acbf-pact.org
http://www.eabc.info