Regional financier, East African Development Bank (EADB), has been ranked Africa’s best performing development finance institution for second consecutive year, with an AA rating, according to a statement from the Association of African Development Finance Institutions (AADFI).
It added that EADB topped 33 institutions that submitted to the fourth peer review of AADFI member institutions.
The results were announced at the 81st meeting of the AADFI executive committee in Kuala Lumpur, Malaysia.
AADFI secretary general, J.A. Amihere said EADB had made exceptional progress in entrenching best practices in its operations, noting that these were crucial in sustaining the bank’s development financing mandate.
The award will be presented at the association’s 2015 general assembly meeting in Abidjan, Ivory Coast.
The improved rating will position the bank favourably as it ‘goes out’ to mobilise resources to finance development projects in the East African Community, Vivienne Yeda, the EADB director general, said.
She added that the results are indicative of the bank’s continued efforts to reform and sustain its governance, financial and operational standards. The peer review is designed to improve the effectiveness of development banks in service delivery and benchmarking their standards with similar institutions outside Africa.