The European Union (EU) and COMESA have signed a five-year
programme Euros 78 million in form of a Contribution agreement to be used for the COMESA
EU Head of Delegation Derek Fee signed on behalf on his institution while Common Market for
Eastern and Southern Africa (COMESA) Secretary General (SG) Erastus Mwencha signed on
behalf of COMESA.
The funds will be administered in two facilities, Adjustment and Infrastructure.
COMESA Secretary General Erastus Mwencha said the COMESA Fund wil play a major role in
addressing budgetary challenges and will help finance the region in complementing developmental challenges mainly infrastructure development.
Mr. Mwencha said as the COMESA prepares to deepen the level of integration among its
member states from a Free Trade Area to a Customs Union (CU), the funds will be used as a
vehicle for mobilising and disbursing resources under the Aid for Trade also known as COMAid.
He said the signing ceremony is timely as it will help move its agenda to facilitating
the launch of the Customs Union next year.
He hailed the EU for the continued support to COMESAadding that the resources will anchor the partnership between recipient and provider of Aid for trade support.
And EU Head of Delegation Derek Fee reiterated his institutionâ€™s commitment to assisting the regional body.
Dr. Fee urged COMESA member states to be prepared with emerging trends such as climate
change, among others.