By JUDITH NAMUTOWE? –
THE Common Market for Eastern and Southern Africa (COMESA) targets a US$250million resource mobilisation for onward lending to member countries for bankable infrastructure projects.
. Ngwenya
COMESA Secretary General Sindiso Ngwenya announced that the financial package would be arranged by the end of next month.?The regional bloc was further expected to grow the fund to around $1 billion by the close of the year.
This would enable member states access finance for infrastructure development projects that would accelerate regional trade and economic development.
Mr Ngwenya said on Tuesday during a signing ceremony of a Memorandum of Understanding (MoU) between COMESA and the Zambia Revenue Authority (ZRA) for the COMESA Virtual Trade Facilitation System (CVTFS).
He said the infrastructure fund being managed by the Preferential Trade Area (PTA) Bank was key to advancing regional integration, trade and development through the establishment of infrastructure projects in the region.
“The COMESA infrastructure fund will by 30th June, this year, mobilised $250 million for bankable infrastructure projects in the region, with the ultimate objective of raising US$1 billion by end of the year and growing it further,” he said.
He said Zambia was expected to access about Euros 1.2 million from the COMESA funding window for regional integration.
He said the fund would be secured through improved implementation of regional commitments.
This, Mr Ngwenya said would bring the total amount secured under the COMESA adjustment facility and regional integration support mechanism for Zambia to Euro 4.9 million.?The funding was part of grants provided by the European Union (EU) to the regional bloc under the Regional Integration Support Mechanism Programme (RISM).
Mr Ngwenya bemoaned the loss of billions of dollars in revenue by various governments through illicit trade.He noted for example that containerisation of exports for easy tracking of cargo as some of the measures that needed to be undertaken.
Mr Ngwenya said mineral exports go uncontainerised making it difficult to tell the real value of exports and destinations.
