RESEARCHER’S NOTE:

The project was formerly ”East African Community Financial Sector Regionalization Project I (FRSP I) in Africa”

The main objective of the East African Community Financial Sector Regionalization Project is to develop the financial sector through the establishment of a unified market in financial services among East African Community (EAC) Partner States.  

FRSP I will support the implementation of activities for the first two years, focusing on: (i) institutional development to support the EAC financial sector regionalization process; (ii) formulation of EAC model directives for financial laws and regulations; and (iii) regional integration of market infrastructures.

The project is scheduled for appraisal on 20 September 2010, and is expected to be approved on 16 December 2010.

The project financing is estimated at US$ 6 million

UPDATES:

3 February 2011

The project has been approved on 31 January 2011.

5 January 2011

The total project cost is now estimated at US$ 16 million.

24 September 2010

The Board Approval has been moved to 27 January 2011.

The project will be structured in five pillars:

i.   Harmonization of Financial Laws and Regulations Against Common Standards
ii.  Mutual Recognition of Supervisors
iii. Integration of Financial Market Infrastructures
iv.  Access to Finance and Strengthening of Market Participants
v.   Development of Regional Bond Market