KAMPALA, Uganda — The East African Development Bank has undergone a significant leadership transition following a fiscal year of record growth, with Rwanda’s Yusuf Murangwa and Uganda’s Ramathan Ggoobi taking the helm as the lender reported a $16.9 million pre-tax profit.
The appointments were confirmed Friday during the bank’s Governing Council meeting in Kampala. Murangwa, the Rwanda Minister of Finance and Economic Planning, was confirmed as the new chairperson of the Governing Council, succeeding Uganda Finance Minister Matia Kasaija.
In a concurrent move, Dr. Ramathan Ggoobi, the permanent secretary at Uganda’s Ministry of Finance, was appointed chairperson of the Board of Directors for a two-year term. Ggoobi takes over from Dr. Natu Mwamba, the permanent secretary at Tanzania’s Ministry of Finance.
The leadership changes coincide with a 51 percent surge in profitability for the year ended December 2025. The bank’s profit before tax rose to $16.93 million, up from $11.20 million in the previous financial year.
Outgoing chairperson Matia Kasaija attributed the performance to a more aggressive and efficient deployment of capital across the region.
“This strong performance is a testament to EADB’s enhanced capacity to mobilize resources and deploy innovative financing solutions,” Kasaija said. “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.”
Operational data released during the meeting showed a 140 percent increase in disbursements and a 52 percent rise in outstanding loans, indicating a substantial expansion of the bank’s lending portfolio.
To capitalize on this growth, the bank announced the establishment of a $13 million fund specifically for youth and women-led enterprises. Kasaija noted that while a major portion of the fund will be financed by the bank’s profits, management has been tasked with mobilizing further capital from development partners.
“We recognise that youth and women are critical drivers of economic growth and innovation across East Africa,” Kasaija said. “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.”
The Governing Council meeting included senior finance officials from across the bloc, including Kenya Cabinet Secretary for National Treasury John Mbadi Ng’ongo and Tanzania Minister of Finance Amb. Khamis Mussa Omar.
