EADB appoints Ramathan Ggoobi board chair, unveils Shs48b youth fund

KAMPALA — The East African Development Bank (EADB) has appointed Uganda’s Permanent Secretary and Secretary to the Treasury, Dr Ramathan Ggoobi, as the new chairperson of its Board of Directors for a two-year term.

The appointment was confirmed during the EADB Governing Council meeting held in Kampala on May 8.

Dr Ggoobi succeeds Tanzania’s Dr Natu Mwamba at a time when the regional lender is expanding its financing portfolio and rolling out new initiatives targeting economic inclusion across East Africa.

During the same meeting, the bank unveiled a $13 million (about Shs48.7 billion) fund aimed at supporting youth- and women-led enterprises in Uganda, Kenya, Tanzania and Rwanda.

According to bank officials, the fund will be channelled through partner financial institutions to improve access to affordable financing for small businesses and start-ups.

Officials said the initiative seeks to address the long-standing financing gap affecting young entrepreneurs and women, who often struggle to access credit from conventional financial institutions.

Outgoing Governing Council chairperson and Uganda’s Finance Minister, Matia Kasaija, said the fund is intended to support innovation, enterprise growth and job creation in the region.

“The youth and women remain critical drivers of economic transformation, but many still face challenges accessing affordable financing. This initiative is intended to bridge that gap,” Mr Kasaija said.

The bank said the initial funding has largely been drawn from EADB profits, although management has been directed to mobilise additional resources from development partners to expand the programme.

The leadership changes also saw Rwanda’s Finance Minister Yusuf Murangwa assume the position of chairperson of the EADB Governing Council, replacing Mr Kasaija.

Dr Ggoobi’s appointment comes amid strong financial performance by the regional development bank.

For the financial year ending December 2025, EADB recorded a 51 percent increase in profit before tax to $16.93 million, up from $11.20 million in 2024.

The bank also reported a sharp rise in lending activity, with loan disbursements increasing by 140 percent during the period.

Outstanding loans grew by 52 percent, reflecting increased demand for development financing across member states.

Officials attributed the growth to the bank’s expanding investment activities in infrastructure, agriculture, manufacturing and private sector development projects.

The Kampala meeting brought together finance ministers and senior government officials from East African Community member states to discuss the bank’s strategic direction and regional economic priorities.

According to EADB officials, the appointment of new leadership and the launch of the inclusion fund are part of the bank’s 2024–2028 Strategic Plan, which focuses on inclusive economic growth, regional integration and sustainable development.

Established in 1967, the East African Development Bank provides financial and technical assistance for projects that promote socio-economic development and regional cooperation in East Africa.