This was revealed by the Chairman of Board of Directors Ali Mufuruki who said EAC still needs the support of his organisation especially when it comes to Infrastructure development.
He said without well-developed infrastructure the EAC may fail to attract more international investors.
“We are committed to raise the funds from our development partner’s because 80% of them are willing to offer their support after we proved capacity in effectively utilising the little resources they have given us,” said Mukuruki.
This was during the TMA -2014/2015   Annual performing report release in Kampala.
The $1billion will be used to support identified projects in the EAC countries Namely Uganda, Kenya, Burundi, Rwanda, Tanzania and the newly incorporated South Sudan. Without naming the projects TMA will finance in the upcoming five years, Mufuruki said the projects will be developed by the member’s states and must be in line with supporting trade and improving social services in the region.
Some of the development partner’s TMA hopes to raise the $1billion funds to finance the projects in the EAC Economic block includes   Sweden Embassies, United Kingdom’s DFID, Canada and USIAD among other financiers. The above mentioned partners have been Influential in supporting TMA in the last five years.  “The results  are  truly  impressive .TMA,s support  for the Modernisation  of ports  in Mombasa and Dare Salam  and its  one stop  border posts  are  transforming  trade  and  driving  integration across the region. The time it takes to move goods from Mombasa to Kampala has been halved to six days .A container now moves through the port of Mombasa in less than four hours” Reads, part of the Annual Performing report.
Some of the projects which TMA executed in the EAC countries Include the Mombasa port yard 5rapaved in Kenya which resulted into more additional  ground  slot and more  space  for  containers  , the project also reduced the wear and tear  on equipment  and further reduced on the operational cost  at the port.
Uganda’s Minister of Trade Industries and Cooperatives Amelia Kyambadde said the presence of TMA in Uganda has supported the Government in raising more revenue from cross border trade.
Source: Business Week

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