Uganda's Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, has been appointed Chairperson of the Board of Directors of the East African Development Bank (EADB) for a two-year term.
His appointment comes at a time when the regional lender also announced a new USD 13 million (approximately Shs48.7 billion) fund aimed at supporting youth and women-led enterprises across East Africa.
Dr. Ggoobi takes over from Tanzania's Permanent Secretary in the Ministry of Finance, Dr. Natu Mwamba, following resolutions made during the EADB Governing Council meeting held in Kampala on Friday.
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The meeting also confirmed Rwanda's Finance Minister, Yusuf Murangwa, as the new Chairperson of the EADB Governing Council, succeeding Uganda's Finance Minister, Matia Kasaija.
The new appointments were announced as the regional development finance institution posted strong financial results for the year ended December 2025, recording a 51 percent increase in profit before tax to USD 16.93 million, up from USD 11.20 million in the previous year.
According to the bank, loan disbursements grew by 140 percent, while outstanding loans increased by 52 percent, reflecting improved operational efficiency and expansion of its lending portfolio across member states.
Speaking after the meeting, Kasaija attributed the strong performance to the bank's growing ability to mobilise capital and finance transformative projects across the region.
"This strong performance is a testament to EADB's enhanced capacity to mobilize 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. We remain committed to delivering on our five-year Strategic Plan as we grow our investment portfolio and deepen our developmental impact in the region," he said.
The Governing Council also announced the establishment of the USD 13 million fund targeting youth and women entrepreneurs, describing it as a strategic intervention to expand access to financing for underserved groups.
Kasaija said the initiative was informed by the growing role of youth and women in driving economic growth, innovation, and entrepreneurship within East Africa.
"We recognise that youth and women are critical drivers of economic growth and innovation across East Africa. The establishment of this Fund is a strategic step towards scaling enterprises led by these groups through prudent and targeted financing that will be channelled through EADB's partner financial institutions," he said.
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He added that although a significant portion of the fund would be financed from the bank's profits, efforts are ongoing to mobilise additional support from development partners.
"While the bigger position of the Fund will be financed from the Bank's profits, we have instructed Management to continue with efforts to mobilise additional resources from development partners to grow its impact and ensure long-term sustainability," he added.
The meeting brought together finance ministers and senior government officials from EADB member states including Uganda, Kenya, Rwanda and Tanzania, alongside members of the bank's Board of Directors.
Established in 1967, the East African Development Bank remains one of the region's key development finance institutions, providing long-term financing for projects aimed at boosting industrialisation, infrastructure development, trade, and regional economic integration.
