Nairobi, Kenya, May 1, 2004

The EADB will be launching the issue of their US$20million Bond on the 3 rd May, 2004 in Kenya. This fixed rate Bond due 2011 will be the seventh Bond issue of the EADB since the mid-1990's. The Bond has been created to provide capital to this established foundation and to in return offer possibilities of lending and financial resources to the Kenyan business community at large.

Loita Capital Partners Kenya Limited is working closely with the EADB as Advisor and Arranger on this Bond Issue. At a time in Kenya where there has been a poor economic performance in recent years, the Bond is seen as the most dynamic vehicle to provide lending and financial resources to the Kenyan business community at large.

Under the new implementation of the turn-around strategy, Mr Godfrey Tumusiime, the Bank's director general indicated “The Bank's target group would be redefined to target large strategic projects in the Infrastructure Sectors of the economy.” Mr Tumusiime said that “A strategy to pursue more Medium-sized projects as well as blending more commercial financing alongside development financing is being explored.”

The Application listing for the Bond will be available from the 3 rd May to the 6 th May, with Loita Capital Partners Kenya Limited involvement as advisor and arranger as well as placing agents with Suntra.

Yousef Bazian, Executive Director of the Loita Group said “The quality of the revenues at the EADB have improved and are projected to show an increase of 23% viz-a-viz 2003 in terms of net revenue, making the Issue an exciting project to work on. The Bond Issue will give the Bank an excellent sustainable tool to alleviate the exchange risk associated with the long-term lending of foreign currency to its clients as well as continuing to promote capital markets within the East Africa region by raising capital from the market.”

When asked about the benefits to the client to the Executive Director of Loita, Yousef replied “The clients stands to make a good yield on Investment due to the change in management, the clean balance sheet and fact that the EADB has a proven track record in Bond Issues of 6 issuances and 4 which are retired and with a total of US$90 million which has been raised using Bond Issues and invested in the Member States of the EADB.”