New EAC funding formula unveiled as default hits $80m

The East African Community headquarters in Arusha, Tanzania.

Photo credit: File | Nation Media Group

Kenya’s budgetary contributions to the East African Community will rise 67 percent from the current $7 million to $11.6 million in the next financial year, under a newly adopted funding formula recommended by presidents at the last summit in Arusha.

Tanzania, the region’s second-largest economy, is expected to pay $8.2 million, while Uganda and Rwanda will part contribute $7.3 million apiece.