East African Business Week (Kampala)
Edris Kisambira
10 December 2007
Kampala — The East African Development Bank's (EADB) planned entry into Rwanda and Burundi is gathering momentum.
The director general of EADB, Mr. Godfrey Tumusiime said last week that Rwanda's application will soon be reviewed by EADB's board of directors and subsequently by the shareholders.
Tumusiime made the remarks last week when he met Rwanda President Paul Kagame in Kigali last week. Tumusiime was briefing Kagame on the status of the processing of Rwanda's application to join EADB.
"The government of Rwanda will give all necessary support to facilitate the East African Development Bank's entry into the Rwanda market," Kagame said.
Tumusiime informed Kagame that EADB was looking forward to setting up operations in the Republic of Rwanda.
He added that the bank's first activity would be the establishment of collaboration with Banque Rwandaise de Developpment (the Development Bank of Rwanda), which knows the country's financial sector well.
Rwanda has applied for membership of the EADB following the joint admission of Rwanda and Burundi into the East African Community (EAC) in June. EADB is expecting a similar application from Burundi.
During the meet, Tumusiime further said that the EADB looks forward to working with other stake holders in the financial sector to determine ways in which the bank can add value in such areas as providing support in the establishment of capital markets and mobilization of long term local currency (Rwanda Francs) resources.
Kagame was delighted with EADB's plans and indicated to the director general that Rwanda is looking forward to its admission as a member of the bank.
The president reiterated the need to strengthen the financial sector and increase availability of credit and other financial instruments especially to the private sector, which his government sees as the country's engine for growth.
Tumusiime was in Rwanda to speak to the Rwanda insurance industry on the 'role of insurance in the financial system and national economy.'
EADB is the EAC development bank whose role it is to foster social and economic development among the EAC member states.
The bank carries out this role by financing a broad range of projects in all productive sectors of the economies of its member states.
With the admission of Rwanda and Burundi into the EAC, the bank will expand its scope to cover 5 countries following the opening of offices in Kigali and Bujumbura.
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