The East African Community partners submitted their pitches to host the institute that would later transform into a regional central bank. “There was a clear bias against Kenya, which was awarded lesser marks than other partner states. Kigali’s noteRwanda also advocated further consultations, saying the formula should be based on equitable distribution of institutions among partner states. All partner states participated, agreed on the outcomes and signed the Verification Report, which does not contain any divergent views,” Dodoma submitted. Other institutions such as the East African Financial Services Commission, East African Statistics Bureau and the East African Surveillance, Compliance and Enforcement Commission were supposed to be operational by 2018.

Source: Daily Nation July 30, 2022 21:34 UTC