Blitz Bureau
NEW DELHI: The Board of Directors of the African Development Fund (ADF) has approved a $9 million grant to deepen financial integration across East and the Horn of Africa.
Funding for the East Africa and Horn of Africa Capital Markets and Payment Systems Integration Project will be sourced from the Fund’s 16th replenishment cycle. The ADF is the African Development Bank Group’s concessional lending arm.
The East African Community (EAC) Secretariat will implement the project, which aims to accelerate cross-border investments, improve the efficiency of financial markets and expand access to long-term financing across nine countries in the region: Burundi, the Democratic Republic of Congo, Ethiopia, Kenya, Rwanda, Somalia, South Sudan, Tanzania, and Uganda.
EAC-CAMPSI is expected to foster the creation of more efficient and integrated capital markets; improve access to financial services for businesses and citizens across the region; strengthen market infrastructure and payment systems; enhance the regulatory and institutional capacity of participating countries; and promote greater participation of women and youth in regional financial markets. The project advances the East African Community Cross-Border Masterplan (2025–2030) and contributes directly to the objectives of the African Continental Free Trade Area by strengthening the financial infrastructure needed to support regional trade and investment.
EAC Secretary General Stephen Patrick Mbundi underscored the project’s strategic importance. “The future of East Africa’s economy will depend not only on the movement of goods and services, but also on the seamless movement of capital,” he said. Ahmed Attout, Bank Group Director for Financial Sector Development emphasised the transformative role of integrated financial markets calling it “essential to Africa’s economic transformation.”
Economic resilience
He said, “The project reflects the Bank’s commitment to advancing regional integration through practical, high-impact investments. This project will help strengthen both the infrastructure and regulatory foundations needed to mobilise domestic capital, deepen regional markets, and support greater economic resilience.”
