Think biG!

Urge- DevWire

News. Analysis. Events

Dev-News | UrgeDevWire

A weekly development news platform published by UrgeDevWire, produced by Urge Communications. Covering wider East African region.

Dev-News Desk| East Africa. Urge- DevWire

East Africa secures US$9 million for regional financial integration

ARUSHA, Tanzania, 24 June 2026

The African Development Fund has approved a US$9 million grant to strengthen financial integration across East Africa, providing new support for efforts to deepen regional capital markets, modernise payment systems and improve regulatory cooperation among participating countries.

Approved by the Board of Directors of the African Development Bank Group on 24 June, the grant will finance the East Africa and Horn of Africa Capital Markets and Payment Systems Integration Project. The initiative will be implemented by the East African Community Secretariat in collaboration with national financial sector institutions.

The programme covers Burundi, the Democratic Republic of the Congo, Ethiopia, Kenya, Rwanda, Somalia, South Sudan, Tanzania and Uganda. According to the African Development Bank, the project is designed to reduce barriers to cross border investment, improve financial market efficiency and support broader regional economic integration by strengthening the legal, regulatory and institutional frameworks governing capital markets and payment infrastructure.

The project also seeks to improve cooperation among financial regulators while supporting development of interoperable payment systems capable of facilitating faster and more secure cross border financial transactions. Officials say stronger financial connectivity is expected to encourage investment, improve access to finance and support trade across the region.

Speaking after the approval, African Development Bank Vice President for Regional Development, Integration and Business Delivery Nnenna Nwabufo said regional financial integration had become increasingly important to sustaining economic growth.

"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. This project will help build the institutions and systems needed to unlock regional investment and economic opportunity."

The East African Community welcomed the approval, describing the investment as an important contribution to implementation of the Community's financial sector integration agenda.

EAC Secretary General Veronica Mueni Nduva said the programme would strengthen the region's ability to mobilise investment and build more resilient financial markets.

"This project represents an important step toward a more integrated regional financial system that can mobilise investment, deepen regional markets and create new opportunities for businesses and citizens across our region."

The project aligns with ongoing implementation of the East African Monetary Union roadmap and complements wider continental efforts under the African Continental Free Trade Area to facilitate investment and cross border commerce.

Source: African Development Bank Group 24 June 2026.

Dev-News Desk| East Africa. Urge- DevWire