Kenyan President Uhuru Kenyatta on Friday (July 4th) rang the opening bell for the East Africa Exchange (EAX) in Kigali, Rwanda, signalling closer integration of East African states, the Presidential Strategic Communication Unit announced.
The EAX is an electronic trading platform that aims to facilitate regional commodity exchange by connecting buyers and sellers throughout the region, broadening their access to global markets and providing them with price transparency in real time.
The initiative also aims to benefit partner states by facilitating economic development and regional interaction, as well as allowing the East African market to become globally competitive.
Kenyatta said the new project would benefit the region's farmers by offering them fair prices for their commodities, as well as stabilising the price of grain and playing a role in ensuring regional food security.
Kenyatta was joined at the ceremony by representatives from the four other partner states of Uganda, Rwanda, Burundi and South Sudan.