Trade Mark East Africa (TMEA) has introduced a fund to boost trade in the East African Community (EAC) and the region's trade with the rest of the World.
The Trade Mark East Africa Challenge Fund (TRAC) that was launched in Dar es Salaam would later be launched in other EAC countries. It was first launched in Nairobi last week.Addressing a news conference in Dar es Salaam, the Fund Manager, Mr Isaac George, said the three-year project will benefit private and public sectors in EA.
"The fund's objectives are to make it easier for both private and public sectors to access markets, open door to trade opportunities, invest in good ideas and contribute to economic growth," he said.He said the fund with 7.5 million USD dollars would focus on innovative projects with the potential to boost cross border and international trade as well as benefit a big number of men and women while promoting climate resilience and environmental sustainability.
"The type of projects expected to be funded should be established by EAC exporters setting up alliances with producers in other EAC countries to increase exports to the rest of the world," he said.Other projects according to Mr George, include a manufacturer in EAC country setting up an innovative supply chain for sourcing raw materials from other countries to enable producers increase productivity and incomes.
A financial service provider sets up a distribution outlook for an innovative product that can meet the needs of the under-served in other EAC countries.The fund, according to the Manager, will also support service businesses that have developed innovative projects to reduce the cost of trade in the region.
Mr George said proposed projects from public sectors will get 50 per cent support while those in private sector will enjoy 70 per cent support.