East African Community News
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The U.S. is exploring a possible trade and investment agreement with the 15-nation Economic Community of West Africa, acting U.S. Trade Representative Demetrios Marantis said today.
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Kenya’s currency is trading at its highest level in 10 weeks and stocks are rallying as investors bet the East African nation will avoid a repeat of the prolonged violence that followed 2007 elections in today’s vote.
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The East African Community said it’s considering a non-binding trade and investment agreement proposed by Turkey.
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The World Bank urged landlocked Uganda to dismantle trade barriers with neighbors further inland to expand exports and accelerate economic development.
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The East African Community said it’s discussing the possibility of building a pipeline to carry Tanzania’s natural gas to other members of the bloc.
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The five member countries of the East African Community plan a $74 billion investment program which will spur growth, Ugandan President Yoweri Museveni said.
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The East African Community appointed Rwandan Health Minister Richard Sezibera as its new secretary-general, replacing Tanzania’s Juma Mwapachu , whose five-year term ends this month.
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Kenya Commercial Bank Ltd., East Africa’s biggest lender by assets, said regional oil and gas discoveries may boost earnings as much as 30 percent as the finds spur project-finance opportunities and economic growth.
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Kenya, Uganda and Tanzania boosted spending in their budgets for the next financial year as they seek to shield their economies from Europe’s debt crisis, adding to pressure on government debt and borrowing costs.
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Economic growth in East Africa may slow to 5.1 percent this year as the European debt crisis and a weakness in the U.S. economy curbs exports to the region’s traditional markets, the head of the economic bloc said.
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