The East African Development Bank (EADB) came into force on 13 December 1967. It was established by the East African Treaty of 1967, which also established the East African Community (EAC). The EADB is a regional development bank that provides financial assistance to member countries for development projects. It is headquartered in Kampala, Uganda.
The EADB’s mission is to promote economic development and regional integration in the EAC. It does this by providing financial assistance to member countries for development projects, as well as by providing technical assistance and training. The EADB also plays a role in promoting trade and investment in the EAC.
The EADB is governed by a Board of Governors, which is made up of representatives from each member country. The Board of Governors is responsible for setting the bank’s policies and approving its lending operations. The day-to-day operations of the EADB are managed by a President and a Board of Directors.
The EADB’s shareholders are the member countries of the EAC. The shares are held in proportion to each country’s contribution to the bank’s capital. The current shareholders are Kenya, Tanzania, Uganda, Rwanda, and Burundi.
The EADB has a total authorized capital of US$1.5 billion. The paid-up capital is US$750 million. The bank’s lending operations are funded by its own resources, as well as by borrowing from international financial institutions.
The EADB has provided financial assistance to a wide range of development projects in the EAC. These projects have included the construction of roads, bridges, and power plants; the development of agriculture and tourism; and the provision of education and health services.
The EADB has played a significant role in promoting economic development and regional integration in the EAC. The bank has provided financial assistance to a wide range of development projects, and it has played a role in promoting trade and investment in the region. The EADB is a valuable asset to the EAC, and it is likely to continue to play a significant role in the region’s development in the years to come.
The other options are incorrect because they are not the year that the East African Development Bank came into force.