Rwanda’s Minister of Finance and Economic Planning, Yusuf Murangwa, has been appointed Chair of the Governing Council of the East African Development Bank (EADB), the region’s key development finance institution serving Rwanda, Kenya, Uganda, and Tanzania. The decision was confirmed at a meeting held in Kampala on May 8, 2026. Murangwa replaces Uganda’s Finance Minister Matia Kasaija, marking a significant leadership shift at the top of the bank.
The Governing Council is the EADB’s highest decision-making body, composed of finance ministers from member states. It provides overall strategic direction and sits above the Advisory Panel and the Board of Directors. The appointment strengthens Rwanda’s role in shaping regional financial policy at a time when the bank is expanding its investment footprint across East Africa.
Key leadership changes and financial inclusion drive
Alongside the council transition, Uganda’s Permanent Secretary in the Ministry of Finance, Ramathan Ggoobi, was appointed Chair of the EADB Board of Directors for a two-year term. The leadership reshuffle is aimed at improving governance and strengthening coordination in implementing the bank’s five-year development strategy across member countries.
Rwanda continues to play an active role in the institution, with representation on the board by Reuben Karemera, Deputy Treasurer General at MINECOFIN, and Faustin Mbundu, who represents the private sector. Kenya and Tanzania also maintain strong representation, reflecting the bank’s shared regional governance structure and collective ownership model.
A major highlight of the Kampala meeting was the launch of a $13 million financial inclusion fund aimed at improving access to financial services for women and young people. The fund will be distributed through partner financial institutions across member states to expand access to credit and promote inclusive economic participation.
The EADB also reported strong financial performance, with profit before tax rising 51% to $16.93 million in 2025, up from $11.20 million the previous year. Lending activity surged significantly, with loans increasing by 140% and the loan portfolio growing by 52%, reflecting stronger demand for development financing in the region. Established in 1967, the EADB is jointly owned by member states (92%) and international financial institutions (8%), and it continues to play a central role in funding infrastructure and economic development projects across East Africa.
