By DAVID MALINGHA DOYA

Special Correspondent, the East African

The East African Development Bank will extend its operations to Burundi and Rwanda as soon as the two new East African Community members sign the Accession Treaty, scheduled before July next year, Godfrey Tumusiime, the bank’s director general, has said.

A major restructuring in the ownership of the bank is being considered as one of the ways of mobilising more resources to boost its volume of operations in the region. The Bank’s Governance Council will work out their ownership status, which directly means a change in the share structure. The Bank has been negotiating with a number of foreign financial institutions, some from China and Europe, to sell them equity in the bank as a way of raising more money.

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Posted by pichu at December 11, 2006 1:59 PM