Rwanda applies to join EADB

by Richard Kilner

Story link: Rwanda applies to join EADB

Only a few months after joining the East African Community regional bloc Rwanda and Burundi are applying to become members of the East African Development Bank (EADB).

President Paul Kagame, leader of Rwanda, has been informed by EADB chief Godfrey Tumusiime that the move is soon to be reviewed.

Tumusiime has indicated that the application will be reviewed firstly by the EADB board, and subsequently by the bank’s shareholders.

The EADB intends to begin operations in Rwanda, where it will collaborate with the Development Bank of Rwanda.

Kagame has pledged full Rwandan support and co-operation in assisting the EADB’s entry into the nation’s market, adding that the country was looking forward to becoming a member of the EADB.

The engine required to fuel Rwanda’s growth, Kagame has said, is a stronger financial sector and improving the availability of credit and other measures that will assist the private sector to expand.

The EADB would support the establishment of capital markets and improve the local currency resources, Tumusiime has said.

The EADB’s role is to promote social development and economic expansion throughout he East African Community member states. It is responsible for funding projects to this end.

When Rwanda and Burundi are admitted into the East African Community, the bank will be active in five countries when it opens in Kigali and Bujumbura.