In its latest annual report for 2019, the Kampala based lender’s Chairman of the board of directors, Keith Muhakanizi said the bank’s total assets grew by 2.2 percent to U$374.96 million while shareholders’ equity increased by four percent to U$266.4 million in 2019 from U$256.1 million in 2018.
“In September 2019, Moody’s Investors Service maintained EADB’s long-term issuer rating at Baa3 with a stable outlook. Moody’s report states that, the bank’s credit strengths include strong liquidity and capital buffers that are among the strongest of the multilateral development banks,” Muhakanazi said adding that GCR Ratings also upgraded the international rating for EADB from BB+ to BBB- with a stable outlook. He further noted that with regard to resource mobilization, the EADB which has had a management crisis for the past two years, continued to seek funding from international institutions during the year.
“For instance, OPEC Fund for International Development (OFID) and the Arab Bank for Economic Development Bank in Africa (BADEA) conducted due diligence on EADB for lines of credit to finance projects in the EADB member states. In addition, the bank signed a non-disclosure agreement with Development Bank of Southern Africa, to promote general co-operation between the two institutions and foster opportunities for operational partnership and exchange of knowledge and expertise,” the Ugandan Permanent Secretary at Ministry of Finance, added.
Seconding Muhakanazi’s statement, EADB Director General, Vivienne Yeda said the bank increased its development contribution to its member in 2019 by disbursing U$ 21.3 million to new projects during the year.
“The bank’s 2019 profit grew by 34 percent to U$ 8.7 million before other comprehensive income. All of our new projects fell under the key focus areas of our 2016-20 strategy, which focuses on: food security, infrastructure, climate change, regional integration and skills development,” said Yeda.
The Kenyan EADB chief who is credited with improving the books of the regional bank further noted that under food security, the bank expanded programmes that offer affordable financing to small and medium size enterprises in rural and agricultural communities.
“In Uganda, the bank has provided UGX 149 billion to 2,806 SMEs, which is estimated to have contributed to the creation or sustenance of 31,934 permanent and temporary jobs, of which 7,670 are female jobs,” she noted...read more on https://epaper.ippmedia.com
