FOR IMM~DIATE RELEASE eWorldBank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. • Telephone: (202) 393-6360 BANK NEWS RELEASE NO. 76/7 February 4, 1976 $15 MILLION FOR INDUSTRIAL DEVELOPMENT IN EAST AFRICA The World Bank will support development of medium-and large-scale industries in the Ea~tAfrican Community through a $15 million Joan to the East African Development Bank (EADB). The loan will help meet EADB's foreign exchange requirements for the financing of import components of industrial projects in the three Communtw countries of Kenya, Tanzania and Uganda. It is also intended to enhance EADB's role as a major development institutioi, able to assist the three partner states in complementary develop- ment of their industrial sectors. • A previous World Bank loan of $8 million to EADB, approved in June 1972, has helped to finance nine projects, including four for textile manu- facture. Since it was established in 1967, EADB has approved 52 loans totaling more than $41 million. Threequarters of the loans have been for manufacturing projects and most of the others for processing projects. This lending has encompassed a wide variety of industrial activity, including textiles, iron and steel, wood industries, plastics and rubber, cement, salt and sugar. EADB has also provided intelligence on industrial development in its member states, and has influenced the design of projects to avoid duplica- tion. A particular objective is to promote food and agriculture processing. The World Bank loan is at an interest rate of 8-1/2 percent. Repay- ments to the Bank will conform approximately to repayments received by EADB on its sub-loans financed out of Bank funds which will not extend beyond 15 years. • Note: Money figures are expressed in U.S. dollar equivalents .