Agreement Signed to Establish Pan-EAC Financial Service Providers' Council

A Memorandum of Agreement on the collaboration amongst the EAC Financial Services Providers has been signed at a meeting of the Pan-EAC Financial Services Providers that was organized by the EAC Secretariat in Protea Countryard Hotel in Dar es Saalam, Tanzania on 25th – 27th February, 2013. The meeting was attended by representatives from banking, insurance, pensions, capital markets, Savings banks and microfinance sectors.

The established Pan-EAC Financial Services Providers’ Council shall comprise of the following: East African Insurers’ Association, East African Bankers’ Association, East African Securities Exchange Association, Stock Brokers’ Associations, East Africa Microfinance Network, Association of Savings Banks for East Africa, the East and Central Africa Social Security Association and any other Financial Sector National Organizations.

The establishment of the Pan-EAC Council is in response to the advancements made in the financial sector in developing products that are beneficial to the integration process (including mobile money transfers, cross-border banking, among others) and in recognition of the efforts so far undertaken by the Partner States in facilitating the national business associations to establish their presence at a regional level. 

Overall, the Pan-EAC Council aims at achieving development and integration of the financial sector within the region, improving trade amongst Partner States and ensuring access of financial services to all within the EAC region. The objectives of the Pan-EAC Council include, but are not limited to: making contribution to the development of the regional financial sector policy formulation, fostering participation in discussion / reviews of policy/ regulatory frameworks relating to  the financial sector.

In his opening remarks, the EAC DSG (F&I), Dr. Enos Bukuku recognized the vital role played by the Financial Sector Providers in championing the aspirations of the Common Market Protocol through inclusion and strengthening of Market Participants and ensuring improved service delivery as well as diversifying innovation of products. 

He implored members of the forum to strengthen their capacity to operate and develop the already established regional financial cooperation frameworks under the umbrella support of the EAC Financial Sector Development and Regionalisation Project (FSDRP) more effectively in order to reduce the effects of overlapping of agendas due to the diversification of national forums.

Dr. Bukuku, who witnessed the signing of the Memorandum of Agreement, was accompanied by the EAC Director of Planning, Mr. Tharcisse Kadede, the Project Manager-FSDRP, Ms. Angela Katama and the FSDRP Resource Mobilization Specialist, Mr. Godfrey Kazinduka.

 Dr. Bukuku shaking hands with Mr. Habil Olaka, Chairperson of the Pan-EAC Financial Services Providers Council while Mr. Stephen Mukweli (Managing Director, PostBank Uganda) who chaired the meeting looks on.

 REGIONAL SECRETARY GENERAL’S CEO FORUM HELD IN KAMPALA

The Regional East African Community Secretary General’s Private Sector Chief Executive Officers Forum was held today in Kampala, Uganda, where the EAC chief announced a variety of initiatives to promote private-sector involvement in EAC integration and to improve the region’s business climate.

At the Forum that brought together more than 100 CEOs of businesses from all the five EAC Partner States, EAC Secretary General Amb. Dr. Richard Sezibera stated plans to tackle challenges to doing business through a sectoral approach, starting with the manufacturing sector.

“Together with key stakeholders [we] have agreed to focus on the manufacturing sector. We expect that this will give [sector] captains the confidence and venue to continue to articulate issues affecting the sector as well as providing policy review suggestions,” Amb. Sezibera said, emphasizing the need to raise the contribution of manufacturing to the region’s Gross Domestic Product from the current 10% to 40%.

The Secretary General also confirmed the bloc was about to conclude a Public-Private Partnership Framework, which is expected to go a long way in enhancing private sector participation in public enterprises.

“The proposed framework will facilitate private sector participation in public enterprises with a regional dimension particularly in industrial and infrastructure projects,” he remarked.

In the one year since the Forum was launched via national editions, the Secretary General has met with CEOs from all five Partner States and during today’s meeting in Kampala, he spoke proudly of the successes recorded so far.

“We have seen commendable improvement on a number of institutional reforms in the Partner States and adaptations of domestic laws related to the Common Market Protocol,” Amb. Sezibera observed, adding: “We have also seen more than 36 non tariff barriers to trade resolved”.

The East African Business Council (EABC) chairperson, Hon. Gerald Ssendaula, who also lauded the initiative, observed that EAC is an attractive proposition to both the private sector and government, but one that “can only be vibrant if the environment we are operating is conducive to trade and business”. EABC is the apex body for businesses in the region.

Meanwhile the TradeMark East Africa (TMEA) CEO Mr. Frank Matsaert affirmed his organization is very much committed to supporting pragmatic solutions to challenges faced by the EAC in its integration agenda.

The Regional Secretary General's CEO Forum discussed among others recommendations from the national forums as well as prospects for the planned EAC-USA Commercial Dialogue, before concluding with an agreement on the key issues of concern the East African business community want addressed. Their recommendations, once ratified by national private sector apex bodies, will be forwarded to the EAC Summit of Heads of State, the top Organ of the Community.

The main objective of the SG CEO Forum is to provide a platform for regular dialogue between the EAC Secretary General and the business community on how to improve the EAC integration process and business climate in order to increase economic growth and development.

The SG CEO Forum which is comprised of five national forums and one regional forum held annually is organized by the EAC Secretariat in partnership with the East African Business Council and TradeMark East Africa.

Hon. Leontine Nzeyimana, Burundi’s Minister for EAC, as well as the US Ambassador to Uganda His Excellency Scott Delisi were among the government dignitaries who attended the meeting.

  EAC Secretary General Amb. Dr. Richard Sezibera