The East African Development Bank (EADB) has started talks with Burundi and Rwanda in a move intended at wooing them to join the EADB as member states.
Even though these two countries have not yet made any official application in order to be incorporated as member states, the bank is at present studying requirements that would see these states included as members.
The chairman of the EADB governing council, Dr. Ezra Suruma who is also Uganda’s minister for finance, planning and economic development alleged that capitalisation of the bank had considerably amplified that there was need to, through overtures to Rwanda and Burundi to join as members.
“We have reviewed the progress in operation and profitability and we are opening our membership reach by inviting our brothers Rwanda and Burundi to join us,” he said.
Dr. Suruma made this communication at a Nairobi hotel last week during the closure of a two day EADB general council meeting, and hinted that the bank was studying the principle and provision of the charter to allow the new members to join.
“We are following the procedure in the EAC and the charter of the bank to include these two countries as members,” said Dr. Suruma.
At the same time the bank approved US$30 million (Ksh2.01billion) for the funding of Small and Medium Enterprises (SMEs) in venture capital for the promotion of SMEs within the East African Community (EAC).
He said the considerable capitalisation of the bank enabled it to venture into other income generating activities such as housing and construction which will start by the end of year.
The meeting was attended by Kenya’s minister for finance Mr. Amos Kimunya, Tanzania’s deputy minister for finance Mr. Abdisalaam Khatiba and EADB’s director general Mr. Godfrey Tumusiime.
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