THE Common Market for Eastern and Southern Africa (COMESA)’s total capitalization on the infrastructure fund has hit the $22 million mark.
The funds are aimed at financing infrastructure development through the PTA Bank whose core mandate was to provide financial assistance to COMESA member states by promoting their economic and social development regionally and internationally.
This was according to a report presented to the just-ended 34th administrative and budget committee meeting in Addis Ababa.
The report states that the funds are focusing especially on roads, railways, electricity, information and communication infrastructure, ports and waterways transport, considering that they have been cited as having most significant limitations to economic growth and development in the COMESA region.
The money was raised by member states and the COMESA owned PTA Bank as at February 2015.
The money includes $15 million seed capital provided by the PTA Bank to set up the fund and $6,981,343 raised by member states, and so far about 17 member states have either signed and/or ratified the COMESA fund protocol.
The report also indicates that $6,080,000 has been transferred to the PTA Bank, and was done in line with the bank’s charter that provides for the establishment and administration of special purpose funds in the region.
“With initial capital of $21.08 million, it should be possible to leverage $200 million for projects which can be co-funded by other partners,” says the report.
The countries include Burundi, Comoros, Djibouti, D R Congo, Egypt, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia and Zimbabwe, with their total contributions that represented about 70 percent of the total assessed contributions of $10 million for all member states.
The bank has already established an office in Mauritius where the infrastructure fund is based.