|Approval Date||17 Dec 2003|
|Signature Date||19 Apr 2004|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
The East African Development Bank (EADB) Support Project is a continuation of the invaluable assistance that the Bank has been providing to this major regional development financing institution. The East African Development Bank (EADB) is a regional development finance institution serving its three member states of Kenya, Tanzania and Uganda. The major objective of the EADB is to provide financial assistance to promote the development of its member states. The bank was mandated to operate in such fields as industry, tourism, agriculture, and infrastructure. The proposed Bank project is to assist EADB to consolidate the results of its restructuring efforts, and address other areas of lingering weaknesses in its operations. The Project has two components. The first component consists of a Line of Credit of US$ 40 million, which would provide financial resources to the EADB to support and strengthen the institution’s lending capacity to enable it finance viable investment projects within the EAC. The second component provides technical assistance (TA) of UA 0.9 million to the EADB. The objective of the TA is to assist EADB to address identified weaknesses in its operations with a view to improving its operational and financial performances, thereby ensuring its ability to continue to provide valuable contributions to the economic and social development of its member states. Through the TA, the EADB would become a better institution with improved operational efficiency, and thereby higher capacity to provide quality services to its customers.
The objective of the EADB Support Project is to assist economic development and industrial growth, and facilitate stronger economic integration of the member countries of the East African Community (EAC) through the EADB. The LOC component of the project will contribute to an increase in the level of investments in the region, which is urgently needed to improve economic growth. The TA component would help EADB to deepen regional integration and economic cooperation among the member countries of the EAC.
The primary beneficiaries of the LOC resources would be private sector entities in the manufacturing, agro-processing, tourism and service sectors in these countries. Public utility companies in the countries could also benefit from the resources of the LOC if they are assessed as being financially viable, as well as possessing the technical ability to implement viable investment projects. Regional infrastructure projects, which would help promote stronger economic integration among the EAC countries would also be financed. The secondary beneficiaries of the LOC would be the new employees to be recruited by the primary beneficiaries, the participants in the local economies where the projects are located, as well as other firms providing inputs and services to the primary beneficiaries. While the EADB will be the primary beneficiary of the TA component of the project, the ultimate beneficiaries would be the project promoters financed by the LOC component.
African Development Bank
African Development Fund
|Last Update||03 Oct 2022|