Your Excellency Dr. Sidi Ould TAH, Director General, The Arab Bank for Economic Development in Africa
Mr Fred Eshikuta Deputy Head of Mission Embassy of the Republic of Kenya
Mr Droma Moses Onzima First Secretary Embassy of the Republic of
Members of the Diplomatic Corps;
The Directors, Managers and staff of BADEA,
Distinguished invited Guests,
The members of the Press,
Ladies and Gentlemen,
I am very pleased to be present at this momentous and auspicious occasion. May I thank the Director General, Management and staff of BADEA for hosting us and welcoming us to the historic and beautiful city of Khartoum. I also thank the residents of the city for the warm and cordial hospitality extended to us during our visit. We consider this visit one of many future visits and interactions between the Arab Bank for Economic Development in Africa and the East African Development Bank and hope to have the opportunity of hosting you all in East Africa in the near future.
The Arab Bank for Economic Development in Africa, or BADEA, is well appreciated and already has a long history of financing projects and providing valuable expertise in all of our Member Countries, namely Uganda, Tanzania, Burundi and Rwanda.
We are pleased to receive a line of credit of USD 12 million, from BADEA dedicated to support private sector development in 2016. We appreciate the confidence reposed by BADEA in the EADB. By focusing on private sector development, we expect to generate employment, economic diversity and consequently more sustainable economic growth. Indeed, private sector development is a critical pillar in the bid to grow and diversify our economies, create opportunities for youth employment, grow public revenues and expand the productive sectors.
This Line of Credit builds on the existing experience and relationship in Africa of our two institutions.
The timing of this facility is significant. In 2016, the five-year strategies of the BADEA and EADB are aligned and are complementary: whilst the Arab Bank for Economic Development in Africa will primarily target infrastructure development, agriculture and rural development, and human resource development between 2015 to 2019, the East African Development Bank will similarly target enterprise development, access to physical infrastructure and support to human capital development between 2016 to 2020.
As we work together to develop the private sector, we expect to achieve a multiplier effect whereby increased employment will stimulate demand and further enhance private sector development, ultimately establishing sustainable and inclusive economic development.
The EADB hopes that this facility will boost the exchange of ideas, trade and investments the existing business interactions between the private sectors in the East African Community and Arab countries.