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The report, which centres on finance and private sector participation, aims to enhance regional economic collaboration and growth.
The meeting brought together finance representatives from Kenya, Rwanda, South Sudan, and Uganda, with discussions focused on strategies for regional integration, private sector development, and financial cooperation. The signing of the report demonstrates the ministers' commitment to promoting economic growth and strengthening ties among the member states.
This meeting is seen as a crucial step towards advancing the objectives of the Northern Corridor, which seeks to foster a more integrated and prosperous region.
The ministers approved the updated implementation matrix and gave directives to technical officials to expedite the resolution of outstanding directives, underscoring their determination to fast-track the implementation of NCIP initiatives.
Other resolutions
One of the key resolutions from the meeting was the decision to engage private sector apex bodies to mobilise funding for various NCIP projects. The ministers recognised that high financing costs have been a significant challenge in completing ongoing projects, and collaboration with the private sector is viewed as essential to overcoming these obstacles.
Elizabeth Shungula, representing Kenya’s Cabinet Secretary, highlighted that the development of the refined petroleum products pipeline will be a key focus of the upcoming Refined Petroleum Products Pipeline Cluster meeting in Nairobi.
"The development of the refined petroleum products pipeline will be deliberated upon at the upcoming Refined Petroleum Products Pipeline Cluster meeting in Nairobi," she said.
In addition to the pipeline discussions, other notable decisions made during the meeting include directives for member states to finalise legal procedures required for the operationalisation of protocols related to NCIPs. The ministers also called for increased cooperation among the member states to address barriers hindering the success of the Northern Corridor projects.
Uganda's progress on the Standard Gauge Railway and Project Preparation Facility was also acknowledged and approved, signifying the country's advancement in key infrastructure projects that are vital to regional connectivity.