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US pledges to support capital markets development in EA
2007-11-19 08:38:59
By Michael Haonga
The US government has pledged technical support to the private sector in the East Africa region, to develop capital markets and strengthen economic integration.
The pledge was made by the US Treasury Secretary, Henry M. Paulson at a press conference in Arusha last Thursday, following a closed door session with Finance Ministers, private sector representatives and other government officials from Tanzania, Uganda, Kenya, Burundi and Rwanda.
Paulson said capital markets are very important in the economy and that the USA will provide the private sector with technical support towards their development.
The Treasury Secretary said President George Bush`s initiatives focus on economic growth through promotion of private sector development and economic regional integration.
Speaking on the closed door talks in Arusha, the US Treasury Secretary said discussions dwelt on capital markets and their multiplier effect on economic growth, regional harmonization of capital markets, and infrastructure development.
He commended Tanzania for sustaining efforts against corruption, and noted that the country was making good progress towards being a model in the region.
The Secretary, nevertheless, pointed to areas that needed attention including fight against HIV/Aids, malaria as well as improvements in education.
Paulson was accompanied at the press conference by representatives of the five countries including Tanzania`s Finance Minister Zakia Meghji, James Musoni -Rwandan Finance Minister, Rukia Chekamondo- Ugandan Minister of State, Mark Green, US Ambassador to Tanzania, Ambassador Juma Mwapachu - EAC Secretary General and Joseph Kinywa- Kenyan Permanent Secretary –Treasury.
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