SADC Leaders and Government reach agreement on measures to drive regional development
The 39th ordinary Summit of the Heads of State and Government of the Southern African Development Community (SADC) which held at Julius Nyerere International Convention Centre in Dar es Salaam, United Republic of Tanzania, on the 17th and 18th August 2019 proposed a protocol aimed at bolstering the industry development sector and eventually intra-trade, which currently stands at below 20%.
Tanzania President Dr Magufuli, who is the new chairman of the 16-nations bloc said in his closing remarks of the SADC summit that these measures will enable the SADC region to achieve inclusive industrial development, and that they have directed the SADC secretariat to fast-track the removal of the non-tariff barriers that hinder businesses among member states to ensure Industrialization Strategy and 2015/2063 agenda is achieved. The summit has also endorsed a Regional Resource Mobilization Framework.
BENEFITS OF THE FRAMEWORK?
The chairman said this framework will confront the challenges faced by the SADC in funding development projects and also give member states options on the best ways they can contribute to the regional bloc.
The development partners which include the European Union (EU), World Bank, Germany, China, Sweden, African Development Bank (AfDB) and Global Fund will issue US$31 million of the SADC total budget of US$74 million (about Sh170.2 billion) for the current financial year.