Browsing: EAC partnership

The East African Community (EAC) and Germany have signed Agreements on technical and financial cooperation worth up to USD 35 million in the areas of integrated water resource management, economic integration and pandemic preparedness.

The Ambassador of the Federal Republic of Germany to Tanzania, Regine Hess and the Secretary-General of the East African Community (EAC) Peter Mathuki signed technical and financial cooperation worth up to USD 35 million between the Government of the Federal Republic of Germany and the East African Community (EAC).

These agreements pave the way for the implementation of three new joint development projects.

The first technical cooperation project worth USD 3.8 million will be launched in January 2022 and aims at strengthening the capacities of the Lake Victoria Basin Commission (LVBC) to fulfil its mandate in the areas of Integrated Water Resource Management (IWRM).

This includes; to improve horizontal cooperation between LVBC, the water administrations …

East Africans should brace themselves for an increase in the cost of living as households and businesses pay more for goods and services.

Regional currencies are facing increased pressure against the dollar as increasing debt levels and increased servicing obligations threaten to wear down foreign exchange reserves, market data shows.

The projected drop of regional currencies is mainly attributed to the growing debt servicing obligations for foreign currency-denominated debts. To pay off external creditors, it requires a drawdown of the country’s foreign reserves.

According to analysts at AIB Capital, as a pick-up in consumer demand increases imports, the Kenya shilling is expected to further depreciate against the dollar. The country’s exports are likely to remain relatively uncompetitive therefore, this will lead to an increase in the current account deficit.

“We expect the shilling to gradually depreciate against the dollar but remain relatively unchanged against the euro and pound,” said AIB.…