Kampala, Uganda: The East African Development Bank (EADB) has appointed Uganda’s Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, as the new chairperson of the Bank’s Board of Directors to oversee the regional bank’s new $13 million financing fund targeting youth and women-led businesses across East Africa.
Ggoobi takes over the EADB Board chairmanship from Tanzania’s Natu Mwamba for a two-year term.
The regional lender announced the developments during its Governing Council meeting held in Kampala, where member states also reviewed the Bank’s financial performance and strategic direction.
The new fund, which will be rolled out through partner financial institutions, forms part of EADB’s 2024–2028 Strategic Plan aimed at promoting inclusive socio-economic transformation across the region.
EADB said the initiative seeks to address persistent financing gaps facing youth and women entrepreneurs, groups widely regarded as central to job creation and innovation in East Africa.
The announcement came as the Bank reported strong financial growth for the year ended December 2025, posting a 51 percent increase in profit before tax to $16.93 million, up from $11.20 million recorded in the previous financial year.
According to the Bank, loan disbursements rose by 140 percent while outstanding loans grew by 52 percent, signalling expansion in lending operations and improved portfolio performance.
Outgoing Governing Council chairperson and Uganda’s Finance Minister, Matia Kasaija, said the results reflected EADB’s strengthened ability to mobilize resources and finance development projects across the region.
“This strong performance is a testament to EADB’s enhanced capacity to mobilize resources and deploy innovative financing solutions,” Kasaija said.
He added that the newly established fund would help bridge financing barriers affecting youth and women entrepreneurs.
“We recognise that youth and women are critical drivers of economic growth and innovation across East Africa,” Kasaija noted, adding that the Bank would continue engaging development partners to expand the Fund and guarantee its long-term sustainability.
The Governing Council meeting also ushered in changes in the Bank’s leadership in line with the EADB Charter with Yusuf Murangwa, Rwanda’s Minister of Finance, confirmed as the new chairperson of the Governing Council, succeeding Uganda’s Kasaija.
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