The Central Bank of Kenya (CBK) has welcomed the admission of the Democratic Republic of Congo (DRC) into the East African Community (EAC).
At a function held at the EAC headquarters in Arusha, Tanzania; the occasion was marked by the depositing of the instrument of ratification with the Secretary-General of the EAC.
DRC now has full rights and privileges like any EAC member to participate in EAC’s programs, and activities and affirms to meet the obligations of the EAC.
In a statement by the CBK, the admission of the DRC as the seventh member joining Burundi, Kenya, Rwanda, South Sudan, Tanzania, and Uganda has expanded the market size of the EAC, adding that it 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.
EAC says uniting the seven members provides a clear path to shared prosperity and a common destiny.
“The DRC’s admission to the EAC also means it joins the institutions of the Community, including the EAC’s Monetary Affairs Committee (MAC),” says CBK.
The Chair of the MAC, Dr. Patrick Njoroge, remarked: “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.”
Adding that: “While my fellow EAC Central Bank Governors and I have had the occasion to work closely with Mme. Kabedi-Mbuyi on numerous initiatives, she will now be an integral member of the MAC. We look forward to working together for the prosperity of our people”.
With a population of about 92 million people, DRC holds almost half of the population of the EAC member states and is thus a huge market. Its entry portends growth in various sectors, and also increases the population to above 300 million.
In April 2022, Felix Tshisekedi, President of DRC together with President Uhuru Kenyatta, Chair of the EAC Summit of Heads of State signed the Treaty of Accession by the Democratic Republic of Congo to the EAC at Statehouse Nairobi.
This happened following the admission of DRC as the 7th member of the EAC during the 19th Summit of EAC Heads of State held on Tuesday 29th March 2022.
DRC officially becomes the 7th member state of the East African Community.