EAC Presidents to make decision on regional bank this month

The First Deputy Prime Minister and Minister for East African Affairs, Rebecca Kadaga, has revealed that the East African Community (EAC) heads of state will make a decision that will determine where the EAC bank will be located this month (November).

Kadaga, who made the revelation on the sidelines of the Public Relations Association of Uganda (PRAU) annual excellence awards, said that the decision will determine the speed at which the regional body will form a common currency.

“We expect that this November, the heads of state will make a decision that will determine where the East African Bank will be located. That will determine the speed at which the regional body will form a common currency. We also agreed amongst ourselves that before we form a bank, we could design a common currency and start using it as we wait on the issue of the bank,” she said.

Kadaga added: “On the issue of the common market, it is really important that we integrate. We are a landlocked country. We need our neighbours, and they also need us so the issue of common market is very important to us as a country.”

Kadaga’s comments come against the backdrop of a recent revelation that members of the East African legislative arm were furious about the Democratic Republic of the Congo (DRC) not financially contributing to the regional block.

It is also unclear how the region will move forward with this move amidst the glaring differences among member states. For instance, the DRC government has not been on good terms with the Rwandese government since later accusing the former of funding rebel activity within its territories.