Dar es Salaam. The President of Zanzibar, Dr Hussein Ali Mwinyi, has called upon the East African Community (EAC) member states to establish a Petroleum Development Fund.
This initiative aims to support research, innovation, training, and the overall development of the oil sector.
Dr Mwinyi made these remarks on Thursday of this week while concluding the East Africa Petroleum Conference and Exhibition (EAPCE’25), a three-day event focused on the future of the oil industry in the region.
He emphasized that the East African Vision 2050 outlines the establishment of such a fund, marking the present moment as opportune for its implementation, as specified in Article 114 of the EAC Treaty, which aims to strengthen cooperation in resource management for the benefit of all.
The President noted that EAC member states can borrow a leaf from the African Petroleum Producers Organization (APPO) and the African Export-Import Bank (Afrexim), which have agreed to establish the African Energy Bank to address financing challenges for oil and gas projects, particularly in the context of climate change.
Dr Mwinyi also highlighted the critical role that oil and natural gas resources play in fostering growth in other sectors, citing the oil sector’s contribution to electricity projects, especially in rural electrification efforts.
Furthermore, he commended President Samia Suluhu Hassan of Tanzania for her unwavering commitment to the development of various sectors, including oil and gas, where strategic projects continue to advance under her leadership.
The President also congratulated EAC member states for the successful organization of the conference, acknowledging the contributions of the EAC Secretariat, the national committee of EAPCE 2025, and the National Coordination Team along with its subcommittees.
In response, Deputy Prime Minister and Minister for Energy, Dr Doto Biteko, noted that the conference facilitated discussions, idea exchanges, and presentations from oil and gas experts, focusing on optimizing resource utilization to ensure reliable, affordable, and secure energy access.
The EAPCE’25 conference witnessed the participation of over 1,400 attendees from 25 countries, showcasing the genuine commitment of EAC member states to promote a sustainable energy agenda for the development of their people.
