EU to avail $110 million for Comesa economic intergration programmes

US DollarsSenior Business Reporter
THE Common Market for Eastern and Southern Africa (Comesa) is set to receive $110 million from the European Union to support regional economic integration programmes.The fund is part of the $1,8 billion that the European Union has earmarked to finance regional co-operation in Eastern and Southern Africa and the Indian Ocean island states. Zimbabwe is among the 19-member states that fall under Comesa.

In a statement, Comesa said the funds would be provided under the 11th European Development Fund .

“The Head of the European Union Delegation to Zambia and Comesa Gilles Hervio said half of this amount will be used to finance infrastructure in the Eastern, Southern Africa and the Indian Ocean. He was addressing delegates from Comesa Member States in Lusaka last week during the opening of a two-day workshop to validate the project proposals for funding,” said Comesa.

Infrastructure projects such as power interconnectors, one-stop border posts and roads and bridges construction on the key transit corridors were among priority projects to be considered in the trading bloc. Other key projects will be on regional economic integration programmes targeting at reducing the cost of cross-border trade through removal of internal barriers, increasing the participation of small and medium enterprises in global values chains.

An economic commentator, Trust Chikohora said moving towards regional integration was a step in the right direction despite the state of Zimbabwe’s economy.

“I don’t think we have any choice as even if we isolate ourselves from regional integration we still find goods from foreign markets entering the domestic market; we cannot be an island working in isolation with others. Despite the state of our economy as a country at the moment, I think we stand a chance to benefit from regional integration. Regional integration allows us as a country to work together with other countries.

“The issue of market is a very important one because a small market like ours with a population of 13 million people is difficult to achieve investment. Considering that the Comesa market has a population of about 500 million it means accessibility to external markets.”

He said moving towards regional integration would also strengthen some of Zimbabwe’s companies operating at regional scale such as Dairiboard and Econet Wireless as they were taping into regional and global markets.

“Even at local level, regional integration is positive as it makes those few existing companies to become stronger and strategically position themselves and become competitive,” he said.

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