The strategic partnerships with EAC and EADB respectively, will enable the DBSA to support collaborative initiatives that will crowd-in resources for the development of infrastructure that promotes regional integration. The partners will also work together on project preparation and ultimately co-financing of projects and capacity building.
Speaking at the signing ceremony Mohan Vivekanandan, DBSA’s Group Executive said “these partnerships are vital for the development of infrastructure on the continent. The signing of the two strategic partnerships today with EAC and EADB will enable us to work together and support African governments in expediting key infrastructure projects.”
East African Development Bank’s Head of Finance, Benard Mono said “the partnership will provide the much needed support to expand the bank’s outreach in infrastructure and regional integration.”
Kenneth Bagamuhunda, the EAC’s Director General Customs and Trade, speaking on behalf of the EAC Secretary General, Liberat Mfumukeko, said that “the scope of partnership with DBSA is quite big and comes at an opportune time when EAC is mobilising funding to implement the Heads of States approved priority projects in infrastructure and health, as well as projets in other sectors. EAC is looking forward to leverage on this partnership to support the development, packaging and financing of these projects”.
Note to Editors:
Development Bank of Southern Africa (DBSA)
The Development Bank of Southern Africa (DBSA) is a leading Development Finance Institution (DFI) in Africa. Established in 1983, the DBSA participates across the entire infrastructure value chain and provides planning, project preparation, financing, and implementation support for economic and social infrastructure in South Africa, SADC and the rest of the African continent. The institution’s mission is to improve people’s lives, boost economic growth and promote regional integration through infrastructure development.
East African Community (EAC)
The East African Community is a regional intergovernmental organization established by the Treaty for the Establishment of the East African Community to strengthen the economic, social, cultural, political, technological and other ties between the states of Burundi, Kenya, Rwanda, Tanzania, South Sudan and Uganda, for their fast balanced and sustainable development headquartered at Arusha.
East African Development Bank (EADB)
The East African Development Bank (EADB) was established in 1967 under the treaty of the then East African Cooperation. The Bank was re-established under a new Charter in 1980. Under the Charter, the Bank’s role and mandate were reviewed and its operational scope expanded to include a broad range of financial services in the Member States with an overriding objective of strengthening socio-economic development and regional integration. EADB is today owned by the four Member States of Kenya, Uganda, Tanzania and Rwanda as well as other development and commercial financial institutions. Being an organ of the EAC and its partnership with EAC institutions has accorded it a platform to play a catalyzing role in regional integration through provision of development finance.