Draft Charter Concerning the Eastern and Southern African Development Bank

Abstract

It will be recalled that at the Fourth meeting of the Lusaka MULPOC Council of ministers and the Second Extraordinary meeting of Ministers of Trade, Finance and Planning it was agreed in principle to establish a Development Rank for the Eastern and Southern African Sub region. The objectives of such a Sank should not be confined to promoting development only but should also include the financing of trade within the Preferential Trade Area. It was agreed to include these provisions in a new Charter of the Development Bank for Eastern and Southern African States. The attached Draft Charter seeks to achieve this result. It is done in pursuance of the provisions of paragraph 2 of Article 6 of the Proposed Treaty for the establishment of the Preferential Trade Area. This form of doing it is adopted because Article 3 of the Proposed Treaty which requires various matters to be dealt with in Protocols does not include the Charter of the Bank among the subjects to be dealt with in that fashion. If it is agreed, the Charter could be signed at the same time as the Treaty.