Africa Investment Forum: DBSA, East African Community sign MoU for project development & implementation

The Development Bank of Southern Africa (DBSA) and the East African Community (EAC) have recently inked a Memorandum of Understanding (MOU) aimed at bolstering project development and implementation in key sectors such as information technology, infrastructure, and healthcare. The partnership promises to enhance the two regions' capacity for outreach, knowledge sharing, and collaboration, thereby fostering growth and economic development. In a recent interview with CNBC Africa, Bernard Mono, Head of Finance at the East African Development Bank, and Mohan Vivekanandan, Group Executive of Origination and Coverage at the DBSA, shed light on the significance of the agreement and the potential it holds for future endeavors. The MOU provides a line of credit and essential support services, paving the way for enhanced regional integration and robust infrastructure development for both entities. Bernard Mono expressed his enthusiasm for the partnership, emphasizing the importance of the MOU in expanding the EADB's reach and impact. He highlighted infrastructure and regional integration as key focus areas for the EADB, asserting that the collaboration with DBSA would significantly bolster their efforts in these critical sectors. The line of credit provided through the agreement is poised to fuel various projects and initiatives that align with the development objectives of both institutions. Mohan Vivekanandan, speaking on behalf of DBSA, underscored the mutual benefits of the collaboration, noting that the DBSA had previously extended a line of credit to the EADB a decade ago, which had been successfully repaid. The partnership not only signifies a renewal of this financial support but also opens up avenues for co-investment in projects, particularly in the private sector. Vivekanandan highlighted the importance of working with other development banks, leveraging each other's strengths and safeguards to drive impactful initiatives that promote sustainable development. Diversity and inclusion were key considerations discussed during the interview, with a specific focus on supporting minorities and women-led businesses in project financing. Bernard Mono confirmed that the EADB prioritizes projects that are socially sustainable and financially viable, with a keen interest in empowering marginalized groups such as women, youth, and minorities. Similarly, Mohan Vivekanandan emphasized DBSA's commitment to promoting black ownership in infrastructure projects and fostering the participation of black women in the sector. The DBSA's approach includes providing loans to support equity contributions by these entities, a model that has proven successful in driving inclusive growth and empowering underrepresented groups. As the two institutions look towards future collaborations and project implementations, the focus remains on creating lasting impact, driving economic growth, and fostering social inclusion. The MOU between DBSA and EAC stands as a testament to the power of partnerships in advancing development goals and unlocking new opportunities for sustainable progress. With a shared vision for regional integration and inclusive development, both entities are poised to make significant strides in transforming the economic landscape of the regions they serve. In conclusion, the MOU between DBSA and EAC signifies a milestone in fostering collaboration, knowledge sharing, and financial support towards driving impactful projects in key sectors. The partnership underscores the importance of inclusive growth, diversity, and sustainability in project development, setting a precedent for future endeavors in infrastructure, healthcare, and technology across Southern and East Africa.