East African Development Bank receives €25 million to finance regional SMEs
The East African Development Bank (EADB) is to receive a €25 million credit line from the European Investment Bank (EIB) to support small and medium-sized companies (SMEs) in East Africa.The East African Development Bank (EADB) is to receive a €25 million credit line from the European Investment Bank (EIB) to support
small and medium-sized companies (SMEs) in East Africa.
EIB's vice-president Pim van Ballekom said in a press release that the financing will be used to co-finance debt and leasing transactions for projects undertaken by SMEs in Kenya, Uganda, Tanzania and Rwanda.
EADB's director Vivienne Yeda added that the facility also has a technical assistance component to support institutional strengthening of the bank's risk management and internal control framework.
She called on member states to prioritise regional integration, noting that the region stands to gain more by opening up its borders.
"There is no better way of facilitating the private sector than to open up our economies, enabling them to produce efficiently and access markets".
The new EIB-backed lending programme is the first joint engagement to improve access to investment loans by
and represents the start of a new era of cooperation between the European Investment Bank and the East African Community’s financial institution.