BY MFANUFIKILE KHATHWANE
LUDZIDZINI – His Majesty King Mswati III says leaders of the Southern African Customs Union (SACU) have agreed to establish an E5 billion Regional Development Fund to support industrialisation, stimulate economic growth and create employment opportunities across member states.
The King said this during a media briefing at Ludzidzini Royal Residence on Monday after returning from the 9th SACU Summit of Heads of State and Government held in Cape Town, South Africa.
His Majesty said the E5 billion would be the fund’s initial capital, with member states having agreed that the first phase would be to establish the fund before deciding on how the money would be raised.
“We have agreed to start the fund with capital amounting to E5 billion. The next phase will determine how the money will be mobilised, whether member states contribute the full amount at once or make contributions over time,” said the King.
He said the decision reflects SACU’s commitment to working together to strengthen the economies of member states through strategic investment and regional cooperation.
His Majesty further said the summit discussed ways of expanding the organisation’s economic influence by strengthening partnerships with other regional and international blocs, including through trade arrangements such as the European Union-Africa Partnership Agreement and the African Growth and Opportunity Act (AGOA).
He said these partnerships would improve market access for African products, strengthen regional trade and contribute to sustainable economic growth across the continent.
The King also welcomed the appointment of Liswati Dumisani Masilela as SACU Executive Secretary, saying he was confident that he would serve the region with distinction and continue advancing the organisation’s vision for economic integration and growth.
His Majesty returned safely to the Kingdom through King Mswati III International Airport, where he was received by Emakhosikati, Cabinet Ministers and members of the public before proceeding to Ludzidzini Royal Residence, where he assured the nation that the summit’s resolutions would help position SACU member states for greater economic resilience, investment and long-term shared prosperity.
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