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Your Partner in Socio-Economic Development Sustainable

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Your Partner in Socio-Economic Development Sustainable www.eadb.org A N N U A L R E P O R T 2 0 1 5 Your Partner in Sustainable Socio-economic Development CLIMATE CHANGE FOOD SECURITY INFRASTRUCTURE REGIONAL INTEGRATION SKILLS DEVELOPMENT EAST AFRICAN DEVELOPMENT BANK MEDICAL TRAINING AND FELLOWSHIP PROGRAMME ANNUAL REPORT 2015 CORPORATE PROFILE ESTABLISHMENT The East African Development Bank (EADB) was established in 1967. SHAREHOLDING The shareholders of the EADB are Kenya, Uganda, Tanzania and Rwanda. Other shareholders include the African Development Bank (AfDB), the Netherlands Development Finance Company (FMO), German Invest- ment and Development Company (DEG), SBIC-Africa Holdings, Commercial Bank of Africa, Nairobi, Nordea Bank of Sweden, Standard Chartered Bank, London, Barclays Bank Plc., London and Consortium of former Yugoslav Institutions. VISION To be the partner of choice in promoting sustainable socio-economic development. MISSION To promote sustainable socio-economic development in East Africa by providing Development Finance, Support and Advisory Services. OUR CORE VALUES Service Integrity Leadership Innovation Teamwork ii CONTENTS ABBREVIATIONS AND ACRONYMS....................................................................................................v LETTER OF TRANSMITTAL ................................................................................................................ vii BOARD OF DIRECTORS AND DIRECTOR GENERAL ......................................................................... viii CHAIRPERSON’S STATEMENT........................................................................................................... ix DIRECTOR GENERAL’S STATEMENT...................................................................................................xi GOVERNING COUNCIL................................................................................................................... xii ADVISORY PANEL ........................................................................................................................... xiii 1. ECONOMIC REVIEW.................................................................................................................01 1.1 RECENT PERFORMANCE............................................................................................................ 03 1.2 ECONOMIC PROSPECTS........................................................................................................... 17 1.3 RISKS AND CHALLENGES.......................................................................................................... 19 2. OVERVIEW OF THE YEAR’S ACTIVITIES.....................................................................................23 2. 1 LENDING OPERATIONS............................................................................................................. 25 2.2 FOCUS AREAS........................................................................................................................... 25 2.3 PARTNERSHIPS........................................................................................................................... 25 2.4 INTERNATIONAL CREDIT RATING .............................................................................................. 27 2.5 TREASURY SERVICES AND MANAGEMENT.................................................................................. 27 2.6 RISK MANAGEMENT.................................................................................................................. 27 2.7 ORGANISATIONAL DEVELOPMENT............................................................................................ 28 3. GOVERNANCE AND CORPORATE AFFAIRS...............................................................................29 3.1 GOVERNING COUNCIL ............................................................................................................ 31 3.2 ADVISORY PANEL ...................................................................................................................... 31 3.3 BOARD OF DIRECTORS ............................................................................................................. 31 4. DIRECTORS’ REPORT AND FINANCIAL STATEMENTS ................................................................33 4.1 REPORT ON THE FINANCIAL STATEMENTS................................................................................. 37 4.2 STATEMENT OF COMPREHENSIVE INCOME ............................................................................... 38 4.3 STATEMENT OF FINANCIAL POSITION....................................................................................... 39 4.4 STATEMENT OF CHANGES IN EQUITY....................................................................................... 41 4.5 STATEMENT OF CASH FLOWS.................................................................................................... 42 4.6 NOTES...................................................................................................................................... 43 iii iii ANNUAL REPORT 2015 LIST OF FIGURES Figure 1 : Economic Growth for EA Countries.................................................................................. 05 Figure 2 : Inflation rates for EA Countries in 2015 ........................................................................... 06 Figure 3 : Exchange rate movements (Local Currency against the USD) ............................................ 07 Figure 4 : Budget Balance for EA Countries (% of GDP).................................................................... 09 Figure 5 : Chancing composition of External Financing in East Africa................................................ 11 Figure 6 : Country decomposition of external financing to East Africa ............................................... 12 Figure 7 : Current Account (as a % of GDP)..................................................................................... 14 Figure 8 : Reserves Import Cover (months) for EA Countries ............................................................. 15 Figure 9 : Commercial Bank Average Lending rates in East Africa (%)............................................... 20 Figure 10 : Exchange rate movements against the USD (percentage change) ...................................... 21 iv ABBREVIATIONSABBREVIATIONS AND ACRONYMSAND ACRONYMS AADFI AADFI AssociationAssociation of African of Development African Development Finance Institutions Finance Institutions IRENA IRENA InternationalInternational Renewable Renewable Energy Agency Energy Agency ADF ADF African DevelopmentAfrican Development Fund Fund IUCEA IUCEA Inter-UniversityInter-University Council for Council East Africa for East Africa AfDB AfDB African DevelopmentAfrican Development Bank Bank KES KES Kenyan ShillingKenyan Shilling ALCO ALCO Assets andAssets Liabilities and LiabilitiesCommittee Committee KfW KfW KreditanstaltKreditanstalt für Wiederaufbau für Wiederaufbau BADEA BADEA Arab BankArab for EconomicBank for Economic Development Development in Africa in Africa KPMG KPMG Klynveld PeatKlynveld Marwick Peat GoerdelerMarwick Goerdeler - (accounting - (accounting firm) firm) BIF BIF BurundianBurundian Franc Franc ODA ODA OverseasOverseas Development Development Assistance Assistance CBR CBR Central BankCentral Rate Bank Rate OPEC OPEC OrganizationOrganization of the Petroleum of the Petroleum Exporting Exporting Countries Countries CDM CDM Clean DevelopmentClean Development Mechanism Mechanism PWC PWC PricewaterhouseCoopersPricewaterhouseCoopers DEG DEG German InvestmentGerman Investment and Development and Development Company Company RCC RCC Reginal CollaborationReginal Collaboration Centre (UNFCCC) Centre (UNFCCC) DTU DTU DanmarksDanmarks Tekniske UniversitetTekniske Universitet (Danish Technical (Danish TechnicalUniversity) University) RWF RWF RwandanRwandan Franc Franc EA EA East AfricaEast Africa SBIC-AfricaSBIC-Africa Standard StandardBank Investment Bank Investment Corporation Corporation -Africa -Africa EACDF EACDF East AfricanEast Community African Community Development Development Fund Fund SBLs SBLs StandardisedStandardised Baselines Baselines EU EU EuropeanEuropean Union Union SIDA SIDA Swedish InternationalSwedish International Development Development Cooperation Cooperation EUR EUR Euro Euro TANCIS TANCIS Tanzania TanzaniaCustoms CustomsIntegrated Integrated Systems Systems FDI FDI Foreign DirectForeign Investment Direct Investment TZS TZS TanzanianTanzanian Shilling Shilling FMO FMO The NetherlandsThe Netherlands Development Development Finance Company Finance Company UNDP UNDP United NationsUnited Development Nations Development Programme Programme GDP GDP Gross DomesticGross DomesticProduct Product UNEP UNEP United NationsUnited Environment Nations Environment Programme Programme GIZ GIZ GesellschaftGesellschaft für Internationale für Internationale Zusammenarbeit Zusammenarbeit UNFCCCUNFCCC United NationsUnited Framework Nations Framework Convention Convention on Climate on Change Climate Change IAS IAS InternationalInternational Accounting Accounting Standards Standards UGX UGX UgandanUgandan Shilling Shilling IASB IASB InternationalInternational Accounting Accounting Standards Standards Board Board US US United StatesUnited of AmericaStates of America IFC IFC InternationalInternational Finance Corporation Finance Corporation USD USD United StatesUnited Dollar States Dollar IFRIC IFRIC InternationalInternational Financial FinancialReporting Reporting Interpretations Interpretations Committee Committee VAT VAT Value AddedValue
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