COMESA, EU sign agreement to support regional integration

The Common Market for Eastern and Southern Africa (COMESA) and the European Union have signed an $8.6 million agreement to support the second phase of regional integration programs in Eastern and Southern Africa.

According to Pan-African news agency "PANA," the four-year agreement signed in Lusaka Wednesday by the two groups provides for EU fund to support programs aimed at achieving a free trade area by COMESA member countries in October and to support the private sector.

The funds would also be used to monitor trade liberalization programs in the region and support cross-border trade initiatives in COMESA member countries.

EU resident representative in Zambia, Jochem Krebs, said the contribution by the EU was one way of encouraging COMESA to further its ambitions to achieve a free trade area in October which he said would make a significant impact on the economies of member countries.

The EU in 1994 contributed 2.1 million euros for the first phase.

PANA also quoted COMESA Secretary General Erastus Mwencha as saying COMESA would launch on Friday a $20 million PTA Bank bond at the Lusaka Stock Exchange to raise funds.