The East African Development Bank (EADB) has written off loans amounting to $13.03 million, highlighting the economic constraints facing its member countries after Uganda defaulted on a $1.02 million loan last year.

The lender disclosed in its audited financial statements that during the year (2023) it “de-recognised” the loans out of which assets available for sale amounting to $3.4 million were booked.

For more information, please see https://www.theeastafrican.co.ke/tea/business/eadb-writes-off-13m-loans-to-members-uganda-defaults-4703322