BURUNDI APPLIES TO JOIN EADB
Burundi, the only member of the East African Community which is not a member of East African Development Bank (EADB)has now applied to join the Bank.
The Bank’s Governing Council, which is composed of the Finance Ministers, (Treasury Cabinet Secretary in the case of Kenya), will now consider the application.
Burundi has been aligned to the Francophone countries, a fact which explains why it has taken a little longer since joining the EAC to seek admission into the EADB.
Rwanda, the other non-original member of EADB, applied to join in 2007 and joined in 2008.
Established in 1967 as the region’s DFI, EADB is currently owned by the four member states of Kenya, Uganda, Tanzania and Rwanda. Other shareholders include the African Development Bank (AfDB), the Netherlands Development Finance Company (FMO), German Investment and Development Company (DEG), SBIC-Africa Holdings, Commercial Bank of Africa, Nairobi, Nordea Bank of Sweden, Standard Chartered Bank, London and Barclays Bank Plc., London.
The African Development Bank owns about 6.76 per cent of the Bank while Kenya, Uganda, and Tanzania each hold 27.20 per cent. Rwanda owns 4.34 per cent.
The Kampala based EADB offers a broad range of financial services in the Member States of Kenya, Uganda, Tanzania and Rwanda with an overriding objective of strengthening socio-economic development and regional integration.
The revitalization of the regional cooperation among the Member States through the establishment of the new East African Community (EAC) has accorded the Bank the opportunity of playing a catalyzing role in regional integration through provision of development finance.