Rwanda’s Minister of Finance and Economic Planning Yusuf Murangwa has been confirmed as the new Chairperson of the Governing Council of the East African Development Bank (EADB), succeeding Uganda’s Matia Kasaija. ALSO READ: Rwandan investors to benefit from $150m regional financing The Governing Council is the supreme governing body of the East African Development Bank, as mandated by the Bank’s Charter. The EADB was established in 1967 under the treaty of the then East African Cooperation. Today, the bank is owned by the four member states — Kenya, Uganda, Tanzania and Rwanda — alongside other development and commercial financial institutions. Uganda’s Permanent Secretary at the Ministry of Finance, Planning and Economic Development, Ramathan Ggoobi, was appointed Chairperson of the Board of Directors for a two-year term, taking over from Tanzania’s Permanent Secretary in the Ministry of Finance Dr Natu Mwamba. The new leadership was announced during the Bank’s Governing Council meeting held in Kampala this week. During the meeting, the bank unveiled a $13 million fund that will support youth and women. ALSO READ: BRD, EADB sign $15 million credit line to support the private sector Youth fund launched The newly unveiled $13 million fund is dedicated to supporting youth- and women-led enterprises across the East African region, in a move aimed at deepening inclusive financing in the region. The fund is anchored in EADB’s 2024–2028 Strategic Plan and the bank’s mandate to promote sustainable and inclusive socio-economic development among its member states. Outgoing Governing Council Chairperson Matia Kasaija said the establishment of the fund is a step towards scaling enterprises led by youth and women through prudent and targeted financing that will be channelled through EADB’s partner financial institutions. “While a significant portion of the fund will be financed from the Bank’s profits, we have instructed management to continue efforts to mobilise additional resources from development partners to expand its impact and ensure long-term sustainability,” he explained. ALSO READ: Govt launches centre to boost financing for women-led businesses The announcement comes as the bank reported strong financial results, posting a 51 per cent increase in profitability. Profit before tax rose to $16.93 million for the year ending December 2025, up from $11.20 million in the previous financial year. The bank also recorded significant growth in its lending operations, with disbursements increasing by 140 per cent and outstanding loans rising by 52 per cent at the end of the year, underscoring improved loan portfolio performance and operational efficiency. Kasaija attributed the strong performance to the Bank’s enhanced capacity to mobilise capital and deploy innovative financing solutions across diverse sectors. ALSO READ: Leading women in Rwanda’s banking sector “This strong performance is a testament to EADB’s enhanced capacity to mobilise resources and deploy innovative financing solutions. In the past year, we supported a more diverse range of projects across key sectors in our member states,” he said.
