EADB’s status raised by member states

Stakeholders say there is need for the government to improve funding for district trade. 

By Monitor correspondent

Nairobi- The East African Development Bank (EADB) is set to play a major role in the planned monetary union as member states raise its lending status and shield its assets from legal action.

Under changes proposed in the draft Finance Bill 2013, the Kenyan Treasury secretary, Mr Henry Rotich, says EADB will have the same credit status as other multilateral lenders operating in member states.

Each EAC member state is expected to regard EADB as equal to the International Monetary Fund, the International Bank of Reconstruction and Development, the African Development Fund, the African Development Bank and the International Development Association.

These changes in the EADB Act mean its mandate may expand.