In June 1994 ESAIDARM the predecessor to MEFMI was implemented with a US$2 million grant from ACBF for a 2.5 year pilot. In November 1996 the ACBF Executive Board awarded a grant of US$ 3.268 million to MEFMI to support its capacity building program in macroeconomic and financial management for 10 member countries. In May 2002, the ACBF Executive Board awarded a grant of US$ 2.5 million to enable the Institute to consolidate achievements made during the initial phase and to continue to enhance the human and institutional capacity of member states in order to ensure effective and efficient management of public finances and a stable and competitive financial sector. MEFMI has emerged as the premier training institution providing hands-on training in key macroeconomic and financial management functions as well as technical advisory services in debt management and central bank operations in Eastern and Southern Africa. In December 2006, the Executive Board awarded a grant of US$ 2 million to MEFMI Phase III.On the 28th of May 2014, ACBF and MEFMI signed a US$1.2 million grant for Phase IV.
MEFMI focuses building capacity in identified key areas in ministries of finance, planning commissions and central banks, or equivalent institutions with the goal to improve sustainable human and institutional capacity in the critical areas of macroeconomic and financial management as well as foster best practices in related institutions. Phase IV grant will support three key areas of macroeconomic policy management; promotion of financial stability and deepening in the member states; and debt management capability in selected MEFMI member countries. The key beneficiary countries of the ACBF grant are Angola, Mozambique, Namibia, Rwanda, Zimbabwe, Kenya, Botswana, and Swaziland
