Regional financier, East African Development Bank (EADB), has once again been ranked as Africa’s best performing development finance institution with an AA rating.
The Association of African Development Finance Institutions (AADFI) said in a statement that EADB emerged at the head of the 33 institutions that submitted to the 4th Peer Review of AADFI member institutions. The results were announced at the 81st Meeting of the AADFI Executive Committee in Kuala Lumpur, Malaysia in November 2014.
The improved rating is expected to position the Bank favourably as it goes out to mobilise resources to finance development within the East African Community.
EADB Director General, Vivienne Yeda, said the results were indicative of the Bank’s continued efforts to reform and sustain its governance, financial and operational standards. She said the concerted efforts to enhance the Bank’s efficiency and strengthen its creditworthiness had had a significant impact on its operations.
“The ongoing reforms are designed to give our customers world class service in an increasingly competitive environment,” said Ms. Yeda.
She added: “The win is testament to our team’s hard work, commitment and ability to manage change as the needs of our customers and partners shift every waking day.”
The EADB Head said particular attention had been paid to strengthening internal control framework embracing risk management and management information systems. These, she said, were critical elements in the realisation of the Bank’s Vision to be the partner of choice in promoting socio-economic development.
AADFI Secretary General, J. A. Amihere said EADB had made exceptional progress in entrenching best practices in its operations noting these were crucial in sustaining the Bank’s development financing mandate.
The Award will be presented at the Association’s 2015 General Assembly Meeting to be held in Abidjan, Cote d’Ivoire.
In 2013, EADB was ranked as Best Performing DFI in Africa in results announced at the AADFI CEOs’ forum in Mombasa, Kenya.
The Peer Review is designed to improve the effectiveness of development banks in service delivery and benchmarking their standards with similar institutions outside Africa.
The review focuses on governance and management, financial, prudential and operational standards. Specific parameters include management independence, commercial principles, accounting and auditing and management information systems and procedures. Others are corporate citizen governance standards, capital adequacy, profitability, asset quality, risk management and lending policies.