EADB PIVOTAL ROLE IN EAST AFRICAN INTEGRATION LAUDED

The East African Development Bank (EADB) is, in the face of the current global financial crisis, facing a number of challenges and the next 12 months will be instrumental in shaping and repositioning the Bank to play an even greater role in supporting the social and economic development of the East African Community partner states.

The meeting of the EADB Governing Council in Kampala on Saturday February 28 2009 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 Uganda’s Minister for Finance, Planning & Economic Development, Hon. Syda Bbumba, who is also the EADB’s Governing Council Chairperson said: “The East African Community 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.” She emphasized EADB’s position as the leading regional development bank in East Africa, whose role it is to foster social and economic development in the EAC member states.

At the meeting, the Governing Council also appointed Mrs. Vivienne Yeda Apopo as Director General ad interim. Until her appointment, Mrs. 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 Hon. Syda Bbumba, was attended by the Hon. Uhuru Kenyatta, Deputy Prime Minister and Minister for Finance of the Republic of Kenya, the Hon. Mustafa Mkulo, Minister for Finance and Economic Affairs of the United Republic of Tanzania and Mr. John Rwangombwa who represented the Hon. James Musoni, Minister for Finance, Republic of Rwanda.

The Bank’s Board members, who were present at the meeting were its Chairman, Alhaj Ramadhan Khijjah, the Permanent Secretary, Ministry of  Finance and Economic Affairs, United Republic of Tanzania, Mr. Joseph Kinyua, Permanent Secretary and Secretary to the Treasury, the Ministry of Finance, Republic of Kenya, Mr. John Rwangombwa, the Permanent Secretary and Secretary to the Treasury, Ministry of Finance and Economic Planning, Republic of Rwanda, Mr. Christopher Kassami, the Permanent Secretary and Secretary to the Treasury, the Ministry of Finance, Planning and Economic Development, Republic of Uganda, Mr. Bhargav Purohit, Chief Investment Officer and DFI Focal Point representing the African Development Bank, and Mr. James Mulwana, Mrs. Khadija Simba and Mr. Francis Karuiru, the private sector representatives of Uganda, Tanzania and Kenya.

Besides the member countries of the East African Community, 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.

N.M. Syda Bbumba (MP)

Minister for Finance, Planning & Economic Development and Chairperson EADB Governing Council