The European Union Delegation and East African Community (EAC) on Tuesday inked a financial agreement worth 4.45 million Euros to enhance regional integration processes.

The support, which is for the EAC regional integration support program 3 (RISP3) is a response to the challenges and needs expressed in the 4th EAC Development Strategy for the period 2011- 2016.

Speaking after signing the agreement, EU Delegation Head of Cooperation for Tanzania/EAC Eric Beaume said the 3rd generation Regional Integration Support Program (RISP 3) aims at enhancing regional integration processes in the whole of Eastern and Southern Africa, as well as the Indian Ocean.

"Building on the lessons learnt during the implementation of previous similar projects, RISP 3 specifically addresses the challenges of the East African Community and provides concerted, tailor-made support to the EAC Secretariat, to other EAC organs and the 5 Partner States," the EU official said, adding that the program is part of a 20 million Euros package designed for COMESA, EAC, IGAD and IOC.

"As far as the EAC is concerned, the priorities focus on implementing the Customs Union, Common Market, and Monetary Union. RISP3 will concentrate on one hand on accelerating the implementation of regional commitments at national level," Beaume said.

"In the increasingly globalized world, regional blocks have the potential to foster the well-being of their citizens," he said.

The EU and the EAC want to jointly promote social and economic development.

Jean Claude Senginyumva, EAC Deputy Secretary General (in- charge of Finance and Administration), commended the European Union for their continued support to the trading bloc and its integration process.

"With this support, we hope to achieve the objective to deepen integration and increase competitiveness of the EAC region, thereby contributing to reducing poverty and enhancing economic growth," he said.

Sengiyumva said the support will reinforce the EAC Secretariat and other statutory organs, such as the East African Legislative Assembly and East African Court of Justice, in their role to steer regional integration. Coordination efforts between the three regional organisations - the EAC, SADC and COMESA - will also be supported, with the ultimate goal of the reaching a Tripartite Free Trade Area.

The program responds to challenges and needs articulated in the 4th EAC Development Strategy for the period 2011-2016, which priorities include the consolidation of the Customs Union; the implementation of the Common Market; and the establishment of a Monetary Union, while laying the foundation for a Political Federation. Endi