Tanzania’s Finance Minister, Dr. Mwigulu Lameck Nchemba Madelu (MP), has successfully concluded his participation in the 50th Governing Council meeting of the East African Development Bank (EADB).
The meeting, held at the Serena Hotel in Kampala, Uganda, was attended by finance ministers from East African countries, including Matia Kasaija from Uganda, Ng’ongo John Mbadi from Kenya, and Yusuf Murangwa from Rwanda.
In an official statement following the meeting, Dr. Nchemba expressed Tanzania’s ongoing commitment to regional economic cooperation.
"Tanzania remains a committed partner in the East African Development Bank, and our participation in the 50th Governing Council meeting reflects our dedication to fostering economic growth across the region," he said.
"EADB has been instrumental in providing affordable loans to the government, enabling us to fund crucial development projects that are pivotal for our country’s growth."
The East African Development Bank plays a critical role in supporting the economic development of East African countries by providing financing for both public and private sector projects.
As one of the major shareholders, Tanzania has benefited significantly from the bank’s loans, which have been used to finance large-scale infrastructure projects, including roads, bridges, and energy facilities.
These projects are essential for enhancing regional integration and improving the quality of life for Tanzanians.
During the meeting, the finance ministers discussed the importance of increasing the capital base of the EADB to allow for more substantial investments in development projects.
"We recognize that expanding the bank’s capacity to fund larger projects is vital to the success of our regional integration efforts," said Dr. Nchemba.
"The EADB’s ability to provide long-term, affordable financing is essential for driving industrialization and enhancing the competitiveness of East African countries."
Another significant discussion point was the role of the private sector in driving economic growth. Dr. Nchemba highlighted how the EADB supports the private sector through loans and investments that foster business expansion and job creation.
"The private sector is the backbone of our economies, and by strengthening the bank’s support for private enterprises, we will see even greater strides in economic development," he added.
Dr. Nchemba also emphasized the importance of continued collaboration between East African countries to address shared challenges and opportunities.
"The challenges we face are numerous, but through continued collaboration and support from institutions like EADB, we can achieve sustainable development and regional prosperity," he said.
In closing, the finance minister expressed his gratitude to the EADB for its continued support in achieving Tanzania’s development goals.
"The EADB remains a key partner in helping us realize our long-term vision of becoming a middle-income economy," Dr. Nchemba remarked.
At the conclusion of the meeting, Dr. Nchemba was seen off at Entebbe International Airport by Tanzania’s Ambassador to Uganda, Maj. Gen. Paul Simuli.
His participation in the 50th Governing Council meeting reinforces Tanzania's commitment to strengthening its relationship with the East African Development Bank and continuing to drive regional economic growth and development.
"By working together with our East African neighbors and institutions like EADB, we will continue to make meaningful progress toward our collective goal of a prosperous and integrated East Africa," Dr. Nchemba concluded.