THE East African Development Bank has been ranked
the second best development bank in Africa by Association of African
Development Finance Institutions (AADFI).
The Kampala-based development bank scored 93 per
cent with Credit Agricole du Maroc Credit, which placed them second best behind
African Export and Import Bank of Egypt with 94 per cent.
PTA Bank came 13th at
84 per cent.
The announcement was made at the just concluded
AADFI CEOs’ forum in Mombasa, Kenya, which was attended by leading development
bankers from Africa.
19 development banks from the continent participated
in the review, which seeks to improve the effectiveness of development banks in
service delivery and benchmarking their standards with similar institutions
outside Africa.
Commenting on the ranking, EADB Director General
Vivienne Yeda said the top ranking was a result of the reforms the bank has
undertaken to enhance its efficiency and strengthen its creditworthiness.
“We have invested heavily in risk management and
management information systems and it is gratifying this has now started
bearing fruit,” said Ms. Yeda.
She added: “Our strengthened internal control
framework and recognition by leading credit rating agencies will enhance our
capacity to mobilise resources for the region and expand our business
portfolio.”
The review focused on governance and management,
financial prudential and operational standards. Specific parameters included
management independence, commercial principles, accounting and auditing and
management information systems and procedures.
Others were corporate citizen governance standards,
capital adequacy, profitability, asset quality, risk management and lending
policies.
Source: Daily Monitor
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