MANZINI – Southern African Customs Union (SACU) Heads of State and Government have agreed to establish an E5 billion Regional Development Fund aimed at financing projects that will accelerate economic growth and sustainable development across the bloc's five member states.
His Majesty King Mswati III announced this while reporting to the nation on his recent participation in the 9th SACU Summit held in Cape Town, South Africa.
The King said the summit deliberated on several issues affecting the region, including unemployment, healthcare, education, infrastructure development and economic integration. Leaders also explored ways of strengthening regional value chains, boosting industrialisation and ensuring member states become more resilient to global economic challenges.
His Majesty said the Heads of State reached a landmark agreement to establish a regional fund that will support strategic development projects in all SACU member States.
He said the fund would have an initial capitalisation of E5 billion, while modalities on how each member State will contribute towards raising the capital will be agreed upon through subsequent engagements.
"The establishment of this fund will ensure that our countries have sustainable financing for projects that improve the lives of our people through better infrastructure, education, healthcare and job creation," His Majesty said.
The King said the fund would also support initiatives that promote regional trade, industrial development and stronger economic cooperation among SACU member States.
His Majesty further expressed delight at the appointment of SACU Executive Secretary Dumisani Masilela, saying the regional body had entrusted the Eswatini national with an important responsibility.
The King said Masilela had previously excelled in other strategic assignments and expressed confidence that he would continue raising Eswatini's profile across the African continent while steering SACU's programmes.
His Majesty said he had no doubt that Masilela would provide the leadership required to implement the decisions taken by Heads of State and Government and advance the organisation's vision of deeper regional integration and shared prosperity.
The summit brought together leaders from Eswatini, Botswana, Lesotho, Namibia and South Africa to deliberate on the future direction of the customs union, with discussions centred on strengthening regional trade, accelerating economic growth and improving the welfare of citizens across the bloc.
