This workshop which took place in Kigali, Rwanda in November 2010 brought together policy makers, central bankers, bank associations and independent service providers to identify gaps to effectively integrate national payment and settlement systems in order to prepare for the establishment of an EAC monetary union by 2012. The immediate output was a Road Map that EAC Governments, Central Banks and Regulators will take to support innovation, development and integration of the payment and settlement system. The longer term impact is the development of a regional financial system that will deliver affordable and efficient financial services, including to the unbanked population. Several development partners including World Bank, IMF and bilateral donors are supporting the EAC Secretariat to realize this objective. In addition to regional integration being a core mandate of the Bank, the Bank’s support of the workshop served to enhance the partnership and collaboration with other partners.
Approved: CAD 100,000 (96% disbursed and balance is being returned to the TCA).