The Ugandan government plans to borrow 26.4 million U.S. dollars from the International Development Association to finance the East African Trade and Transport Facilitation Project, the newspaper New Vision reported on Thursday.

Ugandan Finance Minister Ezra Suruma was quoted as saying that the project for the East African Community (EAC) would cost 281.6 million dollars.

He said the project aims at strengthening trade growth by securing an effective EAC Customs Union and reducing high transport costs estimated at more than 35 percent of the value of exports for Uganda and the Great Lake Region.

The project is to be implemented by Uganda Revenue Authority and other organs of the government. It would have components in Kenya, Tanzania, Rwanda and Uganda.

High transport costs and transit delays have remained a stumbling block to regional integration in east Africa.

Source: Xinhua