On the 13th January 2016, the Director General of the East African Development Bank (EADB), Ms. Vivienne Yeda, travelled to Khartoum, Sudan, to sign a credit agreement between EADB and a new partner: the Arab Bank for Economic Development in Africa (BADEA).
It was a joyous occasion, where both development banks had the opportunity to learn more about the customs and business behaviour in the region served by their partner institution. BADEA has pledged a line of credit of USD 12 million to support private sector development throughout East Africa, which is one of EADB’s key areas of priority from 2016 to 2020.
The ceremony began with a speech from both parties underpinning the importance of private sector development and the fruitful cooperation between BADEA and EADB. Private sector development is critical for sustainable economic growth, through generating employment and economic diversification. In East Africa, it is vital to overcome problems including enormous youth unemployment, weak public revenues and informal sector dominance.
Once both parties had agreed on the importance of private sector development in East Africa, and that EADB is well positioned to stimulate the above, all that remained was for the Director General of the East African Development Bank, Ms. Vivienne Yeda, and the Director General of the Arab Bank for Economic Development in Africa, Dr. Sidi Ould TAH, to sign the agreement, shake hands and effect the line of credit.