Dar es Salaam. The East African Development Bank (EADB) yesterday signed a credit line deal worth $15 million with the Arab Bank for Economic Development in Africa, Badea, which will be used to help achieve EADB’s goals of developing the bloc.
In a statement availed to The Citizen, Ms Viviane Yeda, the director general of EADB, said during the signing ceremony that the bank has continued to build relations with new lenders and development partners.
“It is with great honour that we get to partner with EADB, who we share same vision of developing our regions and the world at large,” said Dr Sidi Ould TAH, director general, Badea.
The EADB strategic plan for the period 2016 - 2020 follows a period of business growth over the previous plan period 2011-2015 and an in-depth review of EADB operations and related operations policies in 2015.
The Bank has established a strong financial position, endorsed by an investment grade credit rating of Baa3 by Moody’s Investor Service, which provides a sound platform for business growth over the current plan period of 2016-2020.
The focus for 2016-2020 strategic plans includes: food security, agriculture, agri-business, reforestation, infrastructure including energy, water, transport, ICT, social development in education, health, climate change in green investments and regional integration in trade and regional projects.
The bank has a favourable debt to equity ratio which gives it room to mobilise more financial resources to financing its growing business obligation.
The purpose of the Line of Credit is for the EADB to support the funding of Eligible Import Transactions from Eligible Arab Exporters to Eligible importers in member states of the East African Development Bank.