EAC To Woo German Investors At Berlin Forum

The East African Community (EAC) is expected to lay the carpet for its investment needs during a forum slated for Berlin next week.

East African flags. PHOTO | FILE

East African flags. PHOTO | FILE

“There will be a high level discussions in which investment proposals will be laid bare”, said EAC secretary general Liberat Mfumukeko.

Speaking in Arusha on Friday after hosting German Foreign minister Haiko Mass, Mr Mfumukeko said the bloc has ample opportunities for private sector investment from the European economic powerhouse.

Major German companies and potential investors with a foothold in Africa will also be at the May 15th forum in Berlin.

The event will be coordinated by the German-African Business Association (Verein der Deutschen Wirtschaft) and the East African Business Council (EABC).

“The forum will define new areas of cooperation between Germany and EAC, specifically to enhance private sector investment in our region”, he said.

According to Amb. Mfumukeko, Germany has supported the EAC to the tune of 290 million Euros in the last two decades.

The support include the construction of the EAC headquarters in Arusha and capacity building for EABC, the apex body of the private sector associations in the region.

The forum will be taking place as the EAC and German were finalizing an agreement of 5m Euros to support the small and micro enterprises sector in EA.

“The aim of the project is to improve opportunities for growth for SMEs in the region”, the Community boss explained as he met the German delegation.

On April 9th this year, the two sides signed a financing agreement of 5 million Euros for the EAC Scholarship Programme.

The programme will be implemented in collaboration with Inter-University Council of EA and the German Development Bank, KfW.

It aims to promote regional integration agenda through higher education as well as fostering economic growth.

The financial agreement for the scholarship programme was part of the 35m Euros that will go towards supporting regional immunization.

It was further revealed during the discussions that Germany had since 2013 contributed 120m Euros towards regional immunization.

“We truly believe this will be an excellent opportunity to strengthen our network with potential business partners and investors in Germany”, said Lilian Awinja, the EABC executive director.

– Business Daily