Kenya to receive another Sh610 million loan from EU to enhance EAC trade

 

EU Ambassador to Kenya Simon Mordue/ COURTESY

The European in Kenya will make available  5 million (Sh610 million) to support the Safe Trade Emergency Facility being implemented by TradeMark East Africa in the region.

This emerged during the signing of the deal at the Ministry of EAC and Regional Development on Tuesday.

The Safe Trade Emergency Facility in an Emergency Programme rolled out by TMEA in the wake of Covid-19 to complete East African governments’ efforts to keep safe trade flowing, even as the fight against the virus continues.

Early this month, donor-TMEA unveiled a Sh2.1 billion emergency fund to support safe trade in the region.

The organisation said the Safe Trade Initiative would urgently support East and the Horn of Africa to make ports, borders, and critical supply chains safe to trade.

“The Safe Trade Emergency Facility will be quickly rolled out in all the countries TradeMark East Africa has a foot print in the region,” TMEA chief executive Frank Matsaert told the Nation/

Specifically in Kenya, the Safe Trade Emergency Facility will Fund a range of short to medium term measures to protect critical supply chain and keep borders open.

This, according to the EU, will avoid job losses and protect livelihoods.

Last month, the EU  gave over Sh500 million in safe cash transfers via M-Pesa to benefit some 100,000 Kenyans in informal settlements through Oxfam in Kenya.

In addition, another Sh500 million was to be used to strengthen Covid-19 health response in Kenya and go to most affected counties through the Kenya Red Cross and Amref Kenya.

Kenya will also receive Sh2.4 billion from the EU for food security support amid the Covid-19 pandemic, locust invasion and floods.

The fund, according to the EU, will help farmers and agricultural entrepreneurs and assist in the fight against locusts, humanitarian aid and epidemic control measures.

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