RESTRUCTURING OF MULTILATERAL DEVELOPMENT BANKS

CS PROF. NDUNG’U CALLS FOR RESTRUCTURING OF MULTILATERAL DEVELOPMENT BANKS

 National Treasury and Economic Planning CS Prof. Njuguna Ndung’u has applauded the Eastern and Southern African Trade and Development Bank (TDB), for making significant contribution towards Kenya’s socio-economic development.

Addressing a press conference during the Bank’s 39^th Annual General Meeting in Nairobi, the CS said TDB offers financial support to various infrastructural projects which is laudable and a testimony of the Bank’s commitment to the development of Kenya and the region.

“Kenya has worked closely with TDB as a financing partner and it has enabled investment in various projects including in renewable energy –Turkana Wind Power Plant, in the SMEs, health care, agro-industry, banking and finance, telecommunications and real estate sector”, said the CS.

Prof. Ndung’u said the meeting was meant to enhance working relations and support from the Trade Development Bank, to help African Governments in achieving their economic and development agenda for the welfare of the African people.

The CS said there is need for improved efficiency of the Multilateral Development Banks (MDBs) through innovations to meet the changing needs for African countries, offer adequate and speedy solutions to emerging issues.

President, Emiratus and Group MD, Trade and Development Bank, Mr. Admassu Tadesse, said TDB will continue to strengthen partnership and scale up financing to address specific issues especially on trade and infrastructure.

During the AGM CS Prof. Ndung’u took over as the Chairman of the Board of Governors, from the Minister of Finance, Economic Planning and Development of the Republic of Mauritius, Dr. the Hon. Renganaden Padayachy, for a period of one year.

The 39^th AGM was held under the theme “Agility and Adaptability for Sustainable Growth and Impact”, the meeting was opened by HE President Dr. William Ruto.

Also in attended  were Board of Governors from 49 members states, Prime Cabinet Secretary Musalia Mudavadi, Environment, Climate Change and Forestry CS Soipan Tuya, EAC CS Rebecca Miano, National Treasury PS Dr. Chris Kiptoo and Planning PS James Muhati among others.