. Chikwanda
By JUDITH NAMUTOWE –
THERE is need to develop regional infrastructure that will support trade in the region through the Regional Integration Support Mechanism programme (RISM) under the Common Market for Eastern and Southern Africa (COMESA), Finance Minister Alexander Chikwanda has said.
The minister, who is new chairperson of the COMESA fund Ministerial Committee, said this during the 10th meeting of the COMESA Fund Ministerial Committee in Lusaka yesterday.
Mr Chikwanda however, pointed out that despite the financial support under the COMESA RISM facility, the resources were insufficient to cater for all the regional needs.
He said the development of infrastructure such as roads, rail, e-commerce, and border facilities are essential in supporting regional integration.
“We need to explore ways of ensuring sustainable financing of our regional infrastructure projects to ensure that our people find it easy to do business within and across the borders and we as member States have an important role to play in this process of creating sustainability,” Mr Chikwanda said.
He called on member States to consider increasing funding for regional programmes in the respective national budgets.
“Going forward, it is my expectation that the facility will continue to support member states through the effective mobilisation of resources and it is also my hope that the facility will achieve financial and institutional sustainability,” he said.
The minister said the support rendered to the member States through RISM would ensure continuity of gains attained in economic growth and development, which are associated with regional integration.
Mr Chikwanda said when economic integration of the COMESA region is at optimal capacity, countries would enjoy the economies of scale, which individual countries cannot achieve.
“It is for this reason that we have mainstreamed regional integration into our development objectives and it is our ardent hope that when the inordinately stalled rationalisation comes to fruition by ending the current overlap of economic communities in East and Southern Africa, our economies will be stronger,” he said.
The COMESA Fund meeting took place on the sidelines of the COMESA Policy Organs meetings that ended on Tuesday in Lusaka.
