In June 2013 the IMF further trimmed down the global economic growth forecast for this year to 3.1% less than the 3.3% forecast in April 2013. The main cause being: the slowdown in emerging market economies, lowered expectations for U.S. growth and deepening recession in the Eurozone. Declining global demand for goods and services will impact negatively on growth in developing economies.
The year 2012 experienced slow global economic growth. World Output grew by 3.2 percent only as compared to 3.9 percent in 2011. The Euro zone went into a recession as growth in other advanced economies was too low to make a substantial dent in unemployment. In emerging and developing economies growth decelerated.
This Report describes the activities of the East African Development Bank during the year, shows the Banks financial condition as at 31st December 2005, and includes commitments made during the year. The Report also shows the activities relating to the East African Community and a review of the economic performance of the Member States.
I take this opportunity, in a special way, to thank my fellow Board Members for their unwavering support throughout the year. On behalf of my colleagues, I thank the Governing Council and the Advisory Panel for their valuable guidance and oversight. I thank all our shareholders and development partners for supporting the Bank in resource mobilisation activities. I thank our clients for their continued cooperation and support. I appreciate the tireless work of the Management and staff which has enabled the Bank to excel to new heights of performance in the face of growing regional and global challenges.
This Report describes the activities of the East African Development Bank during the year and shows the Bank’s financial position as at 31 December 2012. The Report also presents a review of the economic performance of the member States
The story of the East African DevelopmentbBank has been one of hard work, resilience and vision. It has supported economic growth through lending to business, pioneered equity finance and interceded on policy for the creators of wealth in East Africa, one of Africa’s fastest growing regions.