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94-738: The exchange opened to trading in January 1998. At that time, the exchange had just one listing, a bond issued by the East African Development Bank . Trading was limited to only a handful of trades per week. As of July 2014, the USE traded 16 listed local and East African companies and had started the trading of fixed income instruments. The exchange is a member of the African Stock Exchanges Association . The USE operates in close association with

188-488: A South Sudanese MP as saying that while his government was eager to join the EAC, it would likely delay its membership over concerns that its economy was not sufficiently developed to compete with EAC member states and could become a "dumping ground" for Kenyan, Tanzanian, and Ugandan exports. This was contradicted by President Salva Kiir , who announced South Sudan had begun the application process one month later. The application

282-517: A critical step towards becoming the eighth member of the bloc, with negotiations on admission set to last from 22 August to 5 September. Somalia was formally invited to join on 24 November 2023 during the 23rd ordinary summit of the heads of state, following a five-hour closed-door meeting. The treaty of accession was signed on 15 December 2023 at the presidential residence in Kampala, Uganda , with Somalia having 6 months to complete its ratification of

376-400: A joint army went from 26% in 2008 to 38% in 2012, with the majority (53%) still disapproving. In Kenya, approval for the free movement of people, goods, and services was at 52% as of 2021. Support for the monetary union sat at 49%, with 44% disapproving. 65% of those with no lived poverty approved of the free movement policy while only 44% of those with high lived poverty supported it. 61% of

470-663: A number of rebel groups held peace talks in Nairobi in late April, only for the offensive to resume in May. In late May, insurgents temporarily seized Rumangabo before it was retaken by the FARDC. According to independent researchers, the insurgents were supported by Rwandan soldiers during the battle for Rumangabo. Following months of attempts, on 13 June 2022, M23 captured the town of Bunagana . FARDC spokesman Sylvain Ekenge declared that

564-503: A political federation between the three territories. The new organisation ran into difficulties because of the lack of joint planning and fiscal policy, separate political policies, and Kenya's dominant economic position. In 1967, the EACSO was superseded by the EAC. This body aimed to strengthen the ties between the members through a common market, a common customs tariff, and a range of public services to achieve balanced economic growth within

658-592: A report on their findings which is ready for submission to the EAC Council of Ministers. On 23 November 2021: Ministers in charge of East African Community (EAC) Affairs have recommended for consideration by the EAC Heads of States the report of the verification team on the application by The Democratic Republic of Congo (DRC) to join the Community. In February 2022, the EAC Council of Ministers recommended that

752-492: A single sovereign state . In 2010, the EAC launched its own common market for goods, labour, and capital within the region, with the goal of creating a common currency and eventually a full political federation . In 2013, a protocol was signed outlining their plans for launching a monetary union within 10 years. In September 2018, a committee was formed to begin the process of drafting a regional constitution. Kenya, Tanzania, and Uganda have cooperated with each other since

846-564: A statement by Kenyan President William Ruto during a state dinner with U.S. President Joe Biden , although the specific statement that caused the tension is unknown. DRC Spokesman Patrick Muyaya said the peace in Kivu was taking too long to be realised and that “some Congolese are now questioning why we even asked to join the EAC.” He also said the DRC is "happier in the SADC than in the EAC," reflecting

940-614: A week in March 2011. During the first quarter of 2010, the USE adopted the Settlement and Clearing Depository electronic trading system. According to a published report in January 2011, other electronic modalities were being considered for the exchange. In 2010, the USE was the best performing stock exchange in Sub-Saharan Africa , with an All-Shares Index return of 74 percent between January and November 2010. On 20 July 2015,

1034-670: A year preceding the meetings of the Council. The Coordination Committee implements the directives decided by the Council and recommends the creation of Sectoral Committees to the Council. The current acting Principal Secretary of the Coordinating Committee is Dr. Kevit Desai of Kenya. The East African Court of Justice is the judicial arm of the community and consists of the First Instance Division and an Appellate Division . The Judges are appointed by

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1128-564: Is US$ 112.98 million, a 8.7% increase from last financial year . The majority of this increase has been attributed to Somalia's accession. The March 23 Movement , a Congolese rebel military group mostly comprised of ethnic Tutsi , waged a rebellion in the northeastern DRC from 2012 to 2013. M23 was formed by deserters of the DRC Armed Forces (FARDC) who had previously been members of the CNDP rebel group and been dissatisfied with

1222-447: Is critically underfunded due to defaulting member states. As of June 2024, the DRC has not contributed any money to the EAC and owes a total of US$ 14.7 million. Burundi owes US$ 11.2 million and South Sudan US$ 8.6 million. Kenya is the one of two member state as to not have any standing debt while all other member states have arrears of some kind; Rwanda owes US$ 920,869, Uganda US$ 200,203, and Tanzania US$ 122,694. Somalia has contributed

1316-498: Is one year and is in rotation from among the partner states. At Summit meetings, the Summit reviews annual progress reports and other reports from the Council. The summit appoints East African Court of Justice judges, assents to bills, and admits new member or observer states. The Summit may delegate many but not all of its powers to lower organs at the discretion of the Summit. The President of South Sudan, Salva Kiir Mayardit , serves as

1410-720: Is the acting Registrar of the East African Community Competition Authority. Dr. Masinde K. Bwire is the serving Executive Secretary Lake Victoria Basin Commission. Surveying of Tanzania in 2012 revealed that 70% of Tanzanians approved of free movement of people, goods, and services. Meanwhile, 55% of Tanzanians approve the customs union and 54% approve of the proposed monetary union. On all three issues, share of people answering "Don't Know" has more than halved since 2008 indicating higher rates of civic engagement on EAC issues. Approval of

1504-637: Is to implement decisions made by the Summit. The Council initiates and submits Bills to the Assembly, gives directions to the Partner States, and makes regulations, issues directives, and makes recommendations to all other organs (except the Summit, the Court, and the Assembly). The Council also can establish Sectoral Committees from amongst its members to implement specific directives. Deng Alor Kuol ,

1598-569: The Autonomous Government of Southern Sudan to apply for membership upon the independence of South Sudan in 2011, and South Sudan was reportedly an applicant country as of mid-July 2011. Analysts suggested that South Sudan's early efforts to integrate infrastructure, including rail links and oil pipelines, with systems in Kenya and Uganda indicated intention on the part of Juba to pivot away from dependence on Sudan and toward

1692-869: The Dar es Salaam Stock Exchange in Tanzania , the Rwanda Stock Exchange , and the Nairobi Stock Exchange in Kenya . According to published reports in 2013, there were plans to integrate the four exchanges to form a single East African bourse. Uganda All Stock Index (ALSIUG) is the benchmark Index of the Uganda Securities Exchange. A published report in February 2011 claimed that USE would increase trading to five days

1786-696: The Kenya Colony , the Uganda Protectorate , and the Tanganyika Territory was formalised in 1948 by the EAHC. This provided a customs union , a common external tariff , currency, and postage. It also dealt with common services in transport and communications, research, and education. Following independence, these integrated activities were reconstituted and the EAHC was replaced by the EACSO, which many observers thought would lead to

1880-549: The Kenyan Parliament . Surveying in May 2015 in Uganda found that 69% support free movement across borders in the region. In Burundi, 64% supported free movement among the region. A combined 56% of Ugandans thought the EAC "helps a lot", "helps somewhat", or "helps a little" in their country. 71% of Kenyans thought the EAC helps in some capacity while 57% of Tanzanians thought the EAC helps in some capacity. The EAC

1974-727: The Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA), the EAC agreed to an expanded free trade area including the member states of all three organizations. The EAC is an integral part of the African Economic Community . The EAC is a potential precursor to the establishment of the East African Federation , a proposed federation of its members into

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2068-698: The World Trade Organization and transport on Lake Victoria . The Secretariat is the executive organ of the EAC. The highest office of the Secretariat is the Secretary General. The Secretary General is appointed by the summit upon nomination by the current rotational head of state and serves one five-year fixed term. The Secretariat also contains the offices of the Deputy Secretaries General appointed by

2162-468: The 18-25 demographic supported free movement while 43% of the 46-55 demographic supported it. The group with highest support was those with post-secondary education , with 73% supporting. Awareness of EAC Organs in Kenya is low; 43% had heard nothing of the EALA, with only 29% hearing "some" or "a great deal". 47% of Kenyans said that their EALA representatives should be elected directly instead of elected by

2256-594: The Congo , the Federal Republic of Somalia , the Republics of Burundi , Kenya , Rwanda , South Sudan , Uganda , and Tanzania . Salva Kiir Mayardit , the president of South Sudan, is the current EAC chairman. The organisation was founded in 1967, collapsed in 1977, and was revived on 7th July 2000. The main objective of the EAC is to foster regional economic integration. In 2008, after negotiations with

2350-477: The Congo’s security cause, where Rwanda is making its voice heard,” suggesting that EAC accession to the EAC was in large part due to counteracting Rwanda's influence in the bloc. Congolese legislators in the EALA said the DRC was not considering quitting the EAC, but that the decision was up to President Tshisekedi. MP Bertran Ewanga , head of the DRC chapter of the EALA, suggested that additional tension arose from

2444-670: The DRC be admitted as a new member state of the EAC. On 18 March 2022, the EAC Secretary-General Peter Mathuki confirmed that the Heads of State would approve the admission on 29 March 2022. The Democratic Republic of the Congo was admitted as a member of the EAC on 29 March 2022, at a virtual Head of State summit chaired by Uhuru Kenyatta of Kenya, and officially became a member of the East African Community on 11 July 2022 after depositing

2538-429: The DRC was expected to attend a Somalian delegation meant to acquaint Somalia to the workings of the EAC, which the DRC skipped as well without apology. Insiders at the Secretariat have stated that the DRC rarely takes part in meetings and as of 22 June 2024, the DRC has yet to align its legal instruments with the EAC as per the treaty. The DRC has implemented free movement of people however otherwise has not integrated to

2632-591: The DRC with a focus on peace and stability in the DRC. Angola is currently leading the Luanda process for stability in the eastern DRC under the ICGLR with EAC Partner States – Uganda and Rwanda. EAC partner states Burundi, DR Congo, Rwanda, and Tanzania have been involved in peace keeping missions in the Central African Republic . President Touadera has applauded Rwanda's support in securing peace in

2726-656: The DRC’s membership in the EAC a “big mistake”. The EAC treaty has no provisions for the forcible exit of a member state, with only sanctions having been outlined. During the 7 June 2024 Summit, Paul Kagame called for a meeting of the Council of Ministers to discuss peace in the region. As of July 2024, Somalia is active in an ongoing civil war . The main insurgent group is the Al-Qaeda -linked, Sunni Islamist military Al-Shabaab . Although based in Somalia , its reach extends all

2820-514: The EAC again deliberated on the matter but deferred a decision as verification had not yet started nor had preparations with the Somalian government been finalized. During the 22nd Ordinary EAC Heads of State Summit on 22 July 2022, the EAC Heads of State, noted that the verification process for Somalia to join the community needs to be completed expeditiously. In 2023, East African Community (EAC) Secretary-General Peter Mathuki said Somalia had made

2914-581: The EAC and Ethiopia were in the final stages of negotiation for admission into the bloc. This was later contradicted by Ethiopian Ministry of Foreign Affairs spokesperson Nebiu Tedla who said that Ethiopia had made no request to join the EAC and that "the information is baseless." In 2010, Tanzanian officials expressed interest in inviting Malawi to join the EAC. Malawian Foreign Affairs Minister Etta Banda said, however, that there were no formal negotiations taking place concerning Malawian membership. Ugandan President Yoweri Museveni in May 2022, hinted at

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3008-451: The EAC and the opening up of Ethiopia's sectors such as banking and telecommunications to the private sector, being part of the EAC could soon become a priority to accelerate economic gains. In April 2023, Secretary General Peter Mathuki suggested the EAC should consider admitting Ethiopia following Somalia's accession. On 8 April 2024, Ministry of EAC Arid and Semi-arid Lands and Regional Development Cabinet Secretary Peninah Malonza claimed

3102-739: The EAC while signing an agreement for deeper bilateral cooperation between Kenya and Comoros. Comoros and existing member Tanzania have a maritime border. The Republic of the Congo enjoys strong historical political, economic and cultural ties with DR Congo. The Republic of Congo is involved, under the International Conference on the Great Lakes Region (ICGLR), in the peace and stability efforts in eastern DR Congo together with Angola. Rwandan and Ugandan leaders have been meeting in Luanda with President Sassou Nguesso to support these peace efforts. With Somalia set to join

3196-546: The EAC would bring the population to approximately 460 million. Speaking at the opening of the One Stop Border post in Moyale in 2020, Prime Minister Abiy Ahmed of Ethiopia affirmed his commitment to regional integration saying that the east African people are one people and economic integration is a key goal for the region to achieve so as to unlock its potential. With other horn of Africa countries like Somalia joining

3290-603: The EAC. Reuters considers South Sudan the likeliest candidate for EAC expansion in the short term, and an article in Tanzanian daily The Citizen that reported East African Legislative Assembly Speaker Abdirahin Haithar Abdi said South Sudan was "free to join the EAC" asserted that analysts believe the country will soon become a full member of the regional body. On 17 September 2011, the Daily Nation quoted

3384-697: The EADB as of December 2013 is detailed in the table below. As of December 2013 , the bank's shareholders' equity totaled approximately US$ 166.03 million. In January 2013, the African Development Bank injected US$ 24 million into EADB in new equity, bringing its shareholding to 15 percent. In November 2014, the Association of African Development Finance Institutions ranked EADB, "the best performing development finance institution in Africa" for

3478-816: The EARF's replacement at request of Tshisekedi with SADC forces. Tshisekedi recalled the ambassador of the DRC to Kenya in December 2023 and has yet to accredit the new Kenyan ambassador to the DRC due to disagreements surrounding the Congo River Alliance , a group including DRC politicians and various secessionist militias including the M23. Tshisekedi demanded that Kenya hand over any persons engaging in "subversive activities," to which Kenyan foreign minister Musalia Mudavadi said “Kenya strongly disassociates itself from any utterances or activities likely to injure

3572-530: The East African Community. Those recommendations, however, had not been released to the public. It was reported that South Sudan could be admitted as early as November 2015 when the heads of East African States had their summit meeting. South Sudan was eventually approved for membership to the bloc in March 2016, and signed a treaty of accession in April 2016. It had six months to ratify the agreement, which it did on 5 September, at which point it formally acceded to

3666-641: The East African capitals of Nairobi , Kigali , and Dar-es-Salaam . A branch will be established in Bujumbura as soon as Burundi joins the bank. 00°18′54″N 32°34′48″E  /  0.31500°N 32.58000°E  / 0.31500; 32.58000 East African Community The East African Community ( EAC ) is an intergovernmental organisation in East Africa . The EAC's membership consists of eight states: Democratic Republic of

3760-861: The Executive Secretary of the East African Science and Technology Commission (EASTECO). Dr. Caroline Asiimwe of Uganda is the serving Executive Secretary of the East African Kiswahili Commission. Prof. Gaspard Banyankimbona of Uganda is the serving Executive Secretary of the Inter-University Council for East Africa. Eng. Richard Gatete of Rwanda is the serving executive director of the Civil Aviation Safety and Security Oversight Agency. Lilian K. Mukoronia of Kenya

3854-604: The M23 conflict. At a summit meeting, there was a discussion on if the M23 were Rwandan or Congolese. Ruto said “the DRC told us: ‘They are Congolese.’ End of the debate. If they are Congolese, how does this become a Rwandan problem? How does this become a Kagame problem?” Former Foreign Minister of the DRC Christophe Lutundula said the DRC strategy was “to join the Eastern bloc, of course for regional integration and economic reasons, but also to better plead

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3948-508: The M23. The Ugandan military then joined the Kenyan troops in fighting the M23. On 28 December 2022, South Sudan sent a contingency of 750 troops to join the EARF, to be stationed in Goma . Over the next few months, the EARF made some ground, with various towns being ceded to the EARF. On 3 April, Ugandan EARF soldiers entered Bunagana. However, instead of taking the city, the EARF coexisted with

4042-689: The Minister for East African Community Affairs in South Sudan, is the current Chairperson of the EAC Council of Ministers. This position of Lead Council Chairperson is elected by the Head of State, and is replaced annually. The Co-ordination Committee consists of the Permanent Secretaries of EAC affairs in each member state and any other Permanent Secretaries as determined by the member state. The Coordination Committee meets at least twice

4136-416: The Nairobi Stock Exchange and are crosslisted on the USE. (3) Kenya Commercial Bank Group and Nation Media Group are listed primarily on the Nairobi Stock Exchange and are crosslisted on the USE, the Dar es Salaam Stock Exchange, and the Rwanda Stock Exchange. (4) Uchumi Supermarkets, a regional supermarket retailer with headquarters in Nairobi , Kenya, is listed on the Nairobi Stock Exchange, is crosslisted on

4230-472: The National Assemblies or Parliaments of the member states of the community. The EALA has oversight functions on all matters that fall within the community's work and its functions include debating and approving the budget of the community, discussing all matters pertaining to the community and making recommendations to the council as it may deem necessary for the implementation of the treaty, liaising with National Assemblies or Parliaments on matters pertaining to

4324-401: The Peace Fund at the Secretariat. There are eight current Heads of EAC Institutions. Vivienne Yeda Apopo of Zambia is the current acting Director-General of East African Economic Development and has had this position since 2009. Dr. Novat Twungubumwe of Burundi is the current acting Attorney General and Executive Secretary East African Health Research Commission. Dr. Sylvance Okeyo Okoth is

4418-416: The Sudan's lack of a direct border with the EAC at the time, its allegedly discriminatory actions toward black Africans , its record of human rights violations, and its history of hostilities with both South Sudan and Uganda, Sudan was ineligible to join and their application was rejected in December 2012. The Treaty for the Establishment of the East African Community established seven EAC Organs to perform

4512-446: The Summit after deliberation from a tribunal, bankruptcy, or conviction. Upon suspension, the judge's member state recommends a qualified candidate for appointment to temporary judge. If a judge has a conflict-of-interest , they are to report to their higher-up for deliberation on their ability to fairly judge. The court has jurisdiction over cases involving interpretation and application of the treaty, other jurisdiction as designated by

4606-534: The Summit and under the purview of the Secretary General. The Secretariat's principle function is the implementation of the decisions of the Summit and the Council with other functions including research on best methods to achieve the EAC treaty's goals, management of funds, and investigation of EAC affairs. Veronica Nduva is the current Secretary General of the EAC, having been appointed 7 June 2024 following Kenya's recall of former EAC Secretary-General Peter Mathuki for alleged misallocation of six million in funds from

4700-540: The Summit from candidates recommended by the member states provided there are no more than two judges of a member state on the First Instance Division and no more than one judge of a member state on the Appellate Division. The court is composed of a maximum of fifteen judges with no more than ten of the First Instance Division and no more than five of the Appellate Division. Each Judge may serve for no more than seven years and holds office until that period expires, death, reaching seventy years-of-age, or removal for misconduct by

4794-437: The Summit, member states that consider another member state or EAC Organ to have failed obligations under the treaty, and disputes between the EAC and its employees. The Summit, the Council, or a Partner State may also request the Court to give an advisory opinion on an issue regarding the Treaty. The East African Legislative Assembly (EALA) is the legislative arm of the community. The EALA has 27 members who are all elected by

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4888-553: The USE and the Rwanda Stock Exchange, and plans to crosslist its shares on the Dar es Salaam Stock Exchange. (5) Umeme, the largest electric power distributor in Uganda, is listed primarily on the USE and is crosslisted on the Nairobi Stock Exchange. (6) Equity Group Holdings Limited is listed primarily on the Nairobi Stock Exchange (2006). It is crosslisted on the USE (2009) and the Rwanda Stock Exchange (2015). (7) In February 2015, Ugandan media indicated that both Housing Finance Bank and Crane Bank, which had intended to list their shares on

4982-534: The USE initiated its electronic trading platform , backed by three independent data servers, cutting to three days (previously five days) the time it takes to settle trades. As of October 2024 (1) East African Breweries Limited, Kenya Airways and Jubilee Holdings, are primarily listed on the Nairobi Stock Exchange and are cross-listed on the Uganda Securities Exchange and on the Dar es Salaam Stock Exchange. (2) Centum Investment Company Limited, Equity Group Holdings Limited, and Jubilee Holdings are listed primarily on

5076-490: The USE, have since changed their plans and put their IPOs on hold. The exchange is owned by 16 stock brokers. In August 2016, a law was passed to allow the owners to sell shares in the stock exchange to members of the public through an initial public offering . On 18 May 2017, the USE demutualised and registered as a "public company, limited by shares". Its authorised share capital is USh  1 billion, consisting of 100 million shares of 10/ = each. At incorporation,

5170-546: The Ugandan rebel group, the Allied Democratic Forces, trading arms and training for illegally-mined minerals from the Eastern DRC. Al-Shabaab has also created a sect of foreign fighters called the Muhajirin, including primarily Kenyan, Ethiopian and Tanzanian nationals, but also some Congoleses, Burundians, Rwandans and Ugandans. In 2024, Al-Shabaab recaptured much of the land captured by the retreating ATMIS. Most of Somalia operates independently from its federal government. Somaliland , an internationally unrecognized state within

5264-425: The admission of Burundi and Rwanda into the new EAC, Rwanda applied and was admitted into the EADB. Under the new charter, the bank's role and mandate were reviewed, and its operational scope expanded. Under its expanded operational scope, the bank offers a broad range of financial services in the member states. Its main objective is to strengthen socio-economic development and regional integration. The ownership of

5358-402: The benefits of economies of scale , although some Kenyan government officials celebrated the collapse with champagne. Presidents Daniel arap Moi of Kenya, Ali Hassan Mwinyi of Tanzania, and Yoweri Kaguta Museveni of Uganda signed the Treaty for East African Co-operation in Kampala on 30 November 1993 and established a Tri-partite Commission for Co-operation. A process of re-integration

5452-432: The bill heads back to the EALA for editing. As of August 2024, the Speaker of the Assembly is Dan Kidega from Uganda. He replaced former Speaker of the Assembly and Ugandan MP Margaret Zziwa after her impeachment. She had succeeded Abdirahin Haithar H. Abdi from Kenya. The assembly has been credited with crucial bills, particularly those regarding regional and international trade, including EAC's stand on issues such as

5546-412: The bloc even though admission may not happen until 2016. The process, to start after the EAC Council of Ministers meeting in August 2013, was projected to take at least four years. At the 14th Ordinary Summit held in Nairobi in 2012, EAC heads of state approved the verification report that was presented by the Council of Ministers, then directed it to start the negotiation process with South Sudan. A team

5640-454: The borders of Somalia, released a statement following Somalia’s accession into the EAC stating that the “decision is a clear violation of Somaliland's sovereignty and territorial integrity,” and called for the EAC, the African Union , and the United Nations to recognize their statehood. In addition, Puntland has temporarily withdrawn until the constitutional amendments concentrating power under president Hassan Sheikh Mohamud are approved in

5734-483: The budget is contributed to equally, while the remaining 35% is contributed to on the basis of each member states' respective average nominal GDP in the past five years. EALA Chairperson of the Budget Committee Ken Mukulia suggests amendments to the EAC legal instruments to distribute power according to size of contribution should accompany the new financing model. Mekulia also suggests sanctioning member states that fail to remit their annual contributions as outlined in

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5828-483: The community and establishing committees for such purposes as it deems necessary. The Assemblypersons have a term of five years and a term limit of two. The EALA meets at least once a year and since being inaugurated in 2001, the EALA has had several sittings as a plenum in Arusha, Kampala, and Nairobi. Any member may introduce a bill and upon a simple majority vote, the bill proceeds to the Heads of State in which if any Head of State declines to assent within three months,

5922-408: The community. It does not yet participate to the same extent as the other members. In 2010, Tanzanian officials expressed interest in inviting the DR Congo to join the East African Community. The DRC applied for admission to the EAC in June 2019. In June 2021, the EAC Summit launched a verification mission to assess the suitability of the DRC for admission to the Community, and has since drafted

6016-407: The condition of Rwanda's exclusion from the operation. The EAC subsequently called on M23 to retreat from Bunagana as precondition for a casefire, but the insurgents rejected the order. Anti-Rwandan protests broke out on 31 October in Goma, demanding that the DRC leave the EAC and that Russia intervene in the conflict. On 2 November, Kenya announced that it would send 900 soldiers to fight against

6110-554: The conditions of their service. Both the CNDP as well as the March 23 Movement's first rebellion were supported by Rwanda and Uganda. A United Nations report found that Rwanda created and commanded the M23 rebel group. Rwanda ceased its support because of international pressure and the military defeat by the DRC and the UN in 2013. After agreeing to a peace deal, M23 was largely dismantled, its fighters disarmed and moved into refugee camps in Uganda. In 2017, an M23 splinter group fled Uganda to Kivu to resume their insurgency, however,

6204-402: The country. With DRC in the EAC, and infrastructure developments from Pointe-Noire in the Republic of Congo to Bangui, the capital of the CAR, as well as inclusion of the country into the LAPSSET project from Lamu-Juba-Bangui-Douala, this could see the mineral and resource rich country realize economic benefits. In July 2023 Kenyan President William Ruto raised the idea of Comoros joining

6298-446: The current EAC Summit Chairperson. The Council consists of the Minister responsible for EAC affairs of each member State, any other Minister of the member state the member state elects; and the Attorney General of each Partner State. The Council meets twice a year, one time directly after the Summit and once later in the year. The Council can also meet at the request of the Council Chairperson or member state. The Council main function

6392-464: The early 20th century. The East African Currency Board provided a common currency from 1919 to 1966. The customs union between Kenya and Uganda in 1917, which Tanganyika joined in 1927, was followed by the East African High Commission (EAHC) from 1948 to 1961, the East African Common Services Organization (EACSO) from 1961 to 1967, and the EAC from 1967 to 1977. Burundi and Rwanda joined the EAC on 6 July 2009. Inter-territorial co-operation between

6486-452: The extent the other member states have. The DRC is required to remit money to the EAC as part of its membership but has not done so as of yet. The total debt owed is US$ 14 million over two years. The DRC's absence could be due to the inauguration of the new government following the 2023 General Elections . However, analysts have suggested that the DRC’s absence was instead a boycott in response to Kenyan President William Ruto’s stance on

6580-466: The fall of Bunagana and the growing regional tensions by calling for the EAC to immediately organize a new peacekeeping mission called the East African Regional Force to restore security in the eastern DR Congo. An EAC meeting was organized in Nairobi to discuss the diplomatic tensions between the DRC, Rwanda, and Uganda, as well as the deployment of a new peacekeeping force. The DRC declared that it would welcome an EAC peacekeeping mission but only under

6674-506: The fall of Bunagana constituted "no less than an invasion" by Rwanda. Two senior Congolese security sources and members of the Congolese parliament also accused Uganda of supporting the rebel offensive. The Congolese MPs claimed that the retreat of the Uganda People's Defense Force before the rebel attack had facilitated the takeover of Bunagana. The DRC ended military cooperation with Uganda, leading to Uganda subsequently halting Operation Shujaa. Kenyan President Uhuru Kenyatta responded to

6768-405: The functions of the community. The Summit consists of the heads of state of each individual member country. The Summit gives "strategic direction towards the realization of the goal and objectives of the Community," and convenes once per year, with additional meetings at request of any member of the Summit. The Summit's decisions are arrived at by consensus . The Chairperson of the Summit's tenure

6862-543: The group in October 2023, Secretary General Peter Mathuki stated, “The vision of our leaders is to have a market of 800 million people. And that will be possible if we integrate all the countries in the horn of Africa and make one huge market,” hinting of the possible accession of Djibouti and Ethiopia . Kenyan President Uhuru Kenyatta proposed expanding the EAC to include Central, Northern, and Southern African states, such as Ethiopia. The potential joining of Ethiopia into

6956-417: The institution's total assets were valued at approximately US$ 390.411 million, with shareholders' equity of approximately US$ 261.36 million. EADB was established in 1967 under the treaty of the then East African Cooperation between Kenya, Tanzania, and Uganda. Following the breakup of the first East African Community (EAC) in 1977, the bank was re-established under its own charter in 1980. In 2008, following

7050-635: The instrument of ratification with the EAC Secretary General at the bloc's headquarters in Arusha, Tanzania. The accession of the DRC gives the EAC its first port on the West African coast. Representatives of Somalia applied for membership in the EAC in March 2012. The application was considered by the EAC Heads of State in December 2012, which requested that the EAC Council work with Somalia to verify their application. In February 2015,

7144-658: The insurgency because the conditions of the 2013 peace deal were not being honored by the DRC government. The rebels also argued that they were attempting to defend Kivu's Tutsi minority from attacks by Hutu militants such as the Democratic Forces for the Liberation of Rwanda (FDLR). This follows a long trend of Hutu-Tutsi violence, exemplified by the Burundi genocide of 1993 and the Rwandan genocide of 1994,

7238-531: The last of the EARF forces had withdrawn from the Eastern DRC. To replace the EARF, SADC forces on 15 December 2023 were deployed to the region to “restore peace and security in the eastern DRC”. At the 23rd Extraordinary Summit, held on 7 June 2024 to appoint Veronica Mueni Nduva as Secretary General, Congolese President Felix Tshisekedi neither attended nor sent a representative. The DRC neglected to either attend virtually or offer an apology. In addition,

7332-522: The latter having been stopped by current President of Rwanda Paul Kagame, an ethnic Tutsi who has remained in power over the Hutu-majority country since the end of the genocide. On 6 April 2022, the FARDC rejected any negotiations with the M23 forces based in the DR Congo, and started a counter-attack. However, as the FARDC was increasingly losing ground to the insurgents, the DRC government and

7426-486: The objective of promoting development in the member countries of the East African Community . EADB plays a threefold role of lender, adviser, and development partner. The bank provides a range of products and services that are tailored for the region's development requirements. The bank has experience, financial backing, staff, and a knowledge of the region's financial requirements. As of December 2017 ,

7520-577: The operation achieved little as the M23 no longer enjoyed significant international support. Uganda and the DRC had greatly improved relations, cooperating against a common enemy in the Allied Democratic Forces during Operation Shujaa . In early 2022, a growing number of M23 combatants began leaving their camps and move back to the DR Congo; the rebel movement launched more attacks in February 2022, but these were repelled. The M23 leadership argued that parts of their movement had resumed

7614-530: The paid up capital was USh 42 million, with each of the founding investor firms owning 6,000,000 shares, each valued at 10/ = each. The shareholding in the stock of the Uganda Securities Exchange is as depicted in the table below. Note The totals are slightly off due to rounding. East African Development Bank The East African Development Bank (EADB) is a regional development finance institution located in Kampala, Uganda with

7708-503: The peace and security of the friendly nation of DRC and has commenced an investigation.” Ultimately, Kenya found the statements to fall under constitutionally protected speech. The DRC's entry into the EAC was facilitated by Kenyan President Uhuru Kenyatta, Ruto's predecessor and a friend to Tshisekedi. Ruto is seen as reversing the positions that allowed the DRC to join in the first place. DRC Opposition leader Martin Fayulu has called

7802-659: The possibility of deploying an East African regional force to Mozambique to counter insurgency in the Northern Provinces. Rwanda, at the request of Mozambique, in July 2021 had sent a strong contingent to Cabo Delgado. Mozambique shares cultural and historical ties with EAC Partner States. There is a significant Kiswahili speaking population in the country. Sudan applied to join the EAC in 2011, with Burundi, Kenya, and Rwanda supporting membership, while Tanzania and Uganda were opposed to it. They contended that because of

7896-486: The rebel forces. A similar arrangement was also observed at Rumangabo, where Kenyans and M23 inhabited the same base, and along the Sake-Kilolirwe-Kitshanga-Mwesso axis, where Burundian and rebel forces operated next to each other. In October 2023, the DRC ordered the EAC force in the country to leave by 8 December, due to a "lack of satisfactory results on the ground". On 19 December 2023,

7990-559: The region. In 1977, the EAC collapsed. The causes of the collapse included demands by Kenya for more seats than Uganda and Tanzania in decision-making organs, disagreements with Ugandan dictator Idi Amin who demanded that Tanzania as a member state of the EAC should not harbour forces fighting to topple the government of another member state, and the disparate economic systems of socialism in Tanzania and capitalism in Kenya. The three member states lost over sixty years of co-operation and

8084-402: The second consecutive year, with an AA rating. The bank was ranked the best out of 33 institutions that submitted to the evaluation. EADB's structure is composed of the following: The details of the current structure of EADB are outlined on the bank's website. The headquarters of the bank are located in Uganda's capital, Kampala . As of June 2014, EADB had three other branches, one each in

8178-415: The total US$ 7.8 million following its accession, putting it ahead of the DRC in terms of integration. In the 2023–24 fiscal year, arrears amounted to over US$ 35 million. The reason for these arrears are two-fold: The equal-share model was adopted when the EAC was comprised of only Kenya, Tanzania, and Uganda, and may no longer be sustainable. An alternate payment model has been proposed in which 65% of

8272-460: The treaty after which it would officially become a member. On February 10, 2024, Somalia's Parliament endorsed the treaty of accession. Somalia deposited its instruments of ratification on 4 March 2024, thus becoming the eighth member of the organisation. In 2019, President Lourenço mediated the re-opening of the borders and ending hostilities between EAC neighbours Rwanda and Uganda. Historically, Angola has been closely involved politically with

8366-484: The treaty. Additionally, auctioning stranded goods in the ports of Dar es Salaam and Mombasa slated for the three major defaulters has been suggested as a method of paying off their debt. Despite calls for reform, the financial year 2024/2025 EAC budget will be contributed to equally. 61% of that budget will be equally contributed from member states or raised by internal revenue while 39% will be sourced from development partners. The budget for financial year 2024/25

8460-705: The way to Kampala , Uganda, where it killed 76 people in a 2010 Kampala bombings . As a result of the ongoing civil war, Somalia topped the annual Fragile States Index for six years from 2008 up to and including 2013. Troops from Kenya, Ethiopia, Uganda, Burundi and Djibouti have fought Al-Shabaab since 2007, first as the African Union Mission to Somalia then as African Union Transition Mission in Somalia (ATMIS). However, as of July 2024, 5,000 soldiers have left Somalia as ATMIS prepares to leave Somalia by December 2024. Recently, Al-Shabaab have allied with

8554-412: Was deferred by the EAC in December 2012, however incidents with Ugandan boda-boda operators in South Sudan have created political tension and may delay the process. In December 2012, Tanzania agreed to South Sudan's bid to join the EAC, clearing the way for the world's newest state to become the regional bloc's sixth member. In May 2013 the EAC set aside US$ 82,000 for the admission of South Sudan into

8648-407: Was embarked on involving tripartite programs of co-operation in political, economic, social and cultural fields, research and technology, defence, security, and legal and judicial affairs. The EAC was revived on 30 November 1999, when the treaty for its re-establishment was signed. It came into force on 7 July 2000, 23 years after the collapse of the previous community and its organs. A customs union

8742-456: Was formed to assess South Sudan's bid; however, in April 2014, the nation requested a delay in the admissions process, presumably due to ongoing internal conflict . South Sudan's Minister of Foreign Affairs, Barnaba Marial Benjamin, claimed publicly in October 2015 that, following evaluations and meetings of a special technical committee in May, June, August, September and October, the committee has recommended that South Sudan be allowed to join

8836-439: Was signed in March 2004, which commenced on 1 January 2005. Kenya, the region's largest exporter, continued to pay duties on goods entering the other four countries on a declining scale until 2010. A common system of tariffs will apply to goods imported from third-party countries. On 30 November 2016 it was declared that the immediate aim would be confederation rather than federation. The presidents of Kenya and Rwanda invited

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