EAC: EAC major financial share holders re-affirm support

The Bank’s overriding objective is to promote social and economic development of the member states through financing of projects in all productive sectors The East African Development Bank (EADB) is repositioning the bank’s status for the next 12 months, in the face of the current global financial crisis, to play a greater role in supporting the social and economic development of the East African Community partner states. In a EADB Governing Council meeting that took place in Kampala recently, thee institution reaffirmed the commitment of member states and the Bank’s major financial shareholders to support EADB’s new drive to become a major force in influencing economic growth and development in East Africa. Speaking during the meeting on Saturday February 28 2009, Uganda’s Minister for Finance, Planning and Economic Development, Syda Bbumba, said, “The EAC member states and EADB’s major financial shareholders recognize the pivotal role that EADB plays in the integration of the community and are prepared to give such support as is necessary to ensure that the Bank carries out this mandate fully.” Bbumba who is also the EADB’s Governing Council Chairperson emphasized EADB’s position as the leading regional development bank in East Africa, whose role is to foster social and economic development in the EAC member states. At the meeting, the Governing Council also appointed Vivienne Yeda Apopo as Director General ad interim. Until her appointment, Apopo has been the African Development Bank’s (AfDB) Resident Representative and Country Manager to Zambia. The appointment is an indication of the continued confidence that the member states and major financial shareholders have in EADB’s ability to be at the forefront of regional integration efforts through provision of development finance and financing of a broad range of projects in all productive sectors of the member states’ economies. The Governing Council’s renewed commitment and the new appointments are in line with the decision to reposition the institution so that it can better meet the challenges of the future. As the development bank for East Africa, EADB is a vital link to the international financial institutions to finance regional programmes in infrastructure projects in sectors such as transport, maritime and energy under the auspices of the EAC. The Bank will continue to support viable SME’s in the region that form the backbone of social and economic development of East Africa. The Bank’s overriding objective is to promote social and economic development of the member states through financing of projects in all productive sectors of the member states’ economies, supplementing the activities of national development agencies of the member states by joint financing operations and technical assistance, and co-operation with other public or private, national or international organizations, which are interested in the development of the member states. The meeting, which was chaired by the Bbumba, was attended by the Uhuru Kenyatta, Deputy Prime Minister and Minister for Finance of the Republic of Kenya, the Mustafa Mkulo, Minister for Finance and Economic Affairs of Tanzania and John Rwangombwa who represented James Musoni, Minister for Finance, Republic of Rwanda. Besides the member countries of the EAC, others that attended included officials from the African Development Bank (AfDB) and the Netherlands Development Finance Company (FMO). The Bank’s other shareholders are German Investment and Development Company (DEG), SBIC-Africa Holdings, Commercial Bank of Africa, Nairobi, Nordea Bank of Sweden, Standard Chartered Bank, London and Barclays Bank Plc, London. Ends