Business

Paris, June 26, 2025 — The World Bank Group and the International Atomic Energy Agency (IAEA) formalized a new partnership on Thursday aimed at promoting the safe, secure, and responsible use of nuclear energy in developing countries. The agreement, signed by World Bank Group President Ajay Banga and IAEA Director General Rafael Mariano Grossi, represents the World...

The East African Community (EAC) has approved a total budget of $109,338,151 for the 2025/2026 financial year, with a strong emphasis on regional integration, infrastructure development, and strengthening institutional capacity. The budget was passed despite persistent challenges in funding, including delayed contributions from Partner States and reliance on Development Partners. The budget, themed “Inclusive...

BUJUMBURA — Foreign direct investment (FDI) into developing economies, including Burundi and the broader East African region, fell to its lowest level in nearly two decades in 2023, according to a new World Bank report. The report shows developing countries received $435 billion in FDI last year, the lowest since 2005, amid rising trade...

WASHINGTON — The global economy is on track for its weakest performance outside of recessions since 2008, as trade tensions and policy uncertainty drag down growth prospects across the board, the World Bank said Tuesday. In its latest Global Economic Prospects report, the bank projected worldwide growth will slow to 2.3% in 2025—nearly half a percentage...

ARUSHA, Tanzania (June 7, 2025) – The East African Community (EAC) is leveraging the Karibu-Kilifair 2025 tourism expo to promote the region as a single destination under its unified tourism brand, Visit East Africa – Feel the Vibe. Held at the Magereza Grounds in Arusha, the three-day expo has attracted more than 500 exhibitors...

Arusha, Tanzania — May 28, 2025 The East African Business Council (EABC) has urged East African Community (EAC) Partner States to adopt a collective approach when negotiating trade agreements with third parties, warning that separate bilateral deals could weaken the region’s economic integration and distort its Common External Tariff (CET). Speaking...

MOMBASA, Kenya — The East African Community has approved a new masterplan to modernize and harmonize cross-border payment systems, marking a major step toward deeper regional economic integration and the bloc’s goal of adopting a single currency by 2031. The Cross-Border Payment System Masterplan was endorsed on May 9 during the 28th Ordinary Meeting...

NAIROBI, Kenya — Youth and women traders across East Africa are urging governments in the region to remove non-tariff barriers (NTBs) that hinder their participation in agri-food trade, citing high costs, duplicative certification processes, and inconsistent standards as major obstacles. Speaking at the opening of the East Africa Cross-Border Trader Associations Forum on Non-Tariff...

ARUSHA, Tanzania — The East African Community (EAC) on Thursday announced the launch of Phase III of its Regional Network of Reference Laboratories for Communicable Diseases, backed by €12 million in funding from the Federal Republic of Germany through KfW, the German Development Bank. The three-year initiative, scheduled to run from July 2025 to...

MOMBASA, Kenya (May 9, 2025) — The 28th ordinary meeting of the East African Community (EAC) Monetary Affairs Committee (MAC) took place in Mombasa, Kenya, on May 9, 2025. Central bank officials from across the EAC region gathered to discuss the economic outlook, progress on the East African Monetary Union (EAMU) roadmap, and regional financial stability. The...