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CBK Governor Patrick Njoroge /FILE

Africa

Central Bank welcomes DRC’s admission into the East Africa Community

NAIROBI, Kenya, July 13 – The Central Bank of Kenya has welcomed the admission of the Democratic Republic of Congo into the East African Community saying it will have a significant impact on the trade, investment and employment opportunities  of member states.

In a statement, CBK noted that the admission of DRC which brings to seven the total EAC members “provides a clear path to shared prosperity and a common destiny.”

“The admission of the DRC as the seventh member expands the market size of the EAC, offers a path between the seas for trade and cultural integration, as well as new investment and employment opportunities for a dynamic population of about 300 million. The uniting of the seven members,” Njoroge said.

The DRC’s admission to the EAC also means it joins the institutions of the Community, including the EAC’s Monetary Affairs Committee (MAC).

Njoroge expressed confidence that DRC’s Central Bank Governor Mme. Kabedi-Mbuyi will be an integral member of the MAC.

“On behalf of my fellow EAC Central Bank Governors I warmly welcome the people of the DRC into the East African Community. In particular, I am pleased to welcome Mme. Malangu Kabedi-Mbuyi, Governor of the Banque Centrale du Congo, to the MAC, we look forward to working together for the prosperity of our people,” he said.

DRC formally completed the process of accession to the EAC on Monday after depositing ratification instruments in Arusha, the bloc’s headquarters.

DRC joined the bloc after the signing of the Treaty of the Accession of the DRC into the EAC in Nairobi, Kenya on April 8.

The Chairperson of the Summit of EAC Heads of State, President Uhuru Kenyatta, signed the Treaty of Accession with the President of DRC, Félix-Antoine Tshisekedi Tshilombo, at State House, Nairobi.

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Also present at the ceremony were Ugandan President Yoweri Museveni and his Rwandan counterpart Paul Kagame.

DRC had up to September, 29 to undertake internal and constitutional processes to ratify the Treaty and deposit the instruments of ratification with the Secretary General.

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