Over 1500 East African Industries to benefit from the African Development Bank’s USD 1 Million grant
More than 1500 industries in the region stand to benefit as the East African Business Council and the African Development Bank ink a landmark USD 1 million grant agreement to drive sustainable industrialization in East Africa.
The signing marks a significant milestone in advancing regional economic integration, growth, and the competitiveness of East African Community (EAC) priority manufacturing value chains of edible oil, leather and textiles.
Speaking at the signing ceremony, the Acting Executive Director of the East African Business Council, Adrian Njau, said the EABC was thrilled to partner with the African Development Bank (AfDB), on what he described to be a ‘vital project.’
“The project paves the way for stronger regional value chains, greater market access, and inclusive growth that benefits businesses and communities across East Africa,” Njau stated.
The East African Community (EAC)’s Industrialization Policy and Strategy (2012-2032) targets to raise the manufacturing share of GDP from the current average of 10 percent to at least 25 percent by 2032.
The grant signed between AfDB and the EABC will thus enhance industrial capacity through technical assistance, research, policy dialogue, and capacity building.
The project will strengthen the East African private sector to seize trade and investment opportunities availed by the EAC Custom Union and Common Market Protocols and the 1.3 billion consumer market under African Continental Free Trade Area (AfCFTA).
According to the East African Business Council, this will be through enhancing public private policy dialogue, evidence-based advocacy to unlock barriers to in the selected priority value chains.
It was stated that Environmental, Social, and Governance (ESG) principles and gender inclusion are critical in fostering inclusive and sustainable industrialization through the effective integration of Small and Medium Enterprises (SME)s, women, and youth value chain actors.
More than 1,500 industries in East Africa, including SMEs will directly benefit from the project.
It was also revealed that the initiative aligns with the East African Business Council’s mission to foster a conducive business environment and sustainable private sector-driven growth, as well as the AfDB’s commitment to scale up and accelerate industrialization through the manufacturing sector across all African regions by 2033.
That is outlined in the Bank Group’s Ten-Year Strategy (2024-2033), and builds on the Integrate Africa High 5 vision.
Based in Arusha, Tanzania, the East African Business Council (EABC) is the regional apex body of private sector associations and Corporates from the eight East African Community Member states, including Burundi, DR Congo, Kenya, Rwanda, Tanzania, Somalia, South Sudan and Uganda.