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 for a two-year term.
His appointment coincides with the regional lender’s launch of a new $13 million (about Shs48.7 billion) financing facility targeting women and youth-led enterprises across East Africa.
The fund is expected to expand access to capital for small and medium-sized businesses, with financing to be channelled through EADB partner financial institutions operating within the region.
“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,” Ggoobi said.
He noted that the initiative would largely be financed through the bank’s retained earnings, while additional funding discussions with development partners remain ongoing.
“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 announcement was made during a meeting attended by finance ministers and senior government officials from Uganda, Kenya, Rwanda and Tanzania, alongside members of the bank’s Board of Directors.
Founded in 1967, the East African Development Bank is among the region’s leading development finance institutions, providing long-term financing for infrastructure, industrialisation, trade and regional integration projects.