KAMPALA – The East Africa Development Bank (EADB) has made significant strides in promoting socio-economic development and regional integration among its member states. Over the last five years, the bank has disbursed over $200 million to Kenya, Uganda, Tanzania, and Rwanda, creating over 110,000 jobs in various sectors such as infrastructure, manufacturing, agriculture, and social services.
“We are proud of the impact we have made in the region,” said Mr. Benard Mono, EADB’s Acting Director General. “Our investments have not only created jobs but have also contributed to the growth and development of the economies of our member states.”
Notably, 49% of these jobs were awarded to women, demonstrating the bank’s commitment to inclusivity and sustainable development. The EADB has also provided financial support to over 10,500 Micro, Small, and Medium Enterprises (MSMEs) across the region, totaling $99 million.
In Uganda, the bank has advanced UGX209.4 billion to MSMEs, supporting a wide range of businesses and creating over 35,850 job opportunities, with approximately 60% of these going to women and vulnerable groups.
“The EADB has been a key partner in driving Uganda’s economic growth and social transformation,” said Hon. Matia Kasaija, Minister for Finance, Planning and Economic Development and EADB Governing Council Chairperson. “We appreciate their support to our MSMEs, which are the backbone of our economy.”
The EADB’s investment in SME projects in Uganda is built on the recognition of their critical role in driving economic progress and innovation. The bank aims to provide financial support to an additional 10,000 SMEs this year, further fostering socio-economic development in Uganda and the wider East Africa region.
“We cannot understate the role that SMEs play in the development of Uganda’s economy,” said Mr. Mono. “As such, our commitment to enhance financial access and inclusion for SMEs remains steadfast.”
Looking ahead, the EADB will focus on investing in economically viable and environmentally friendly projects over the next four years, aligned with its 2024-2028 Strategic Plan and the UN Sustainable Development Goals. With a strong credit rating from S&P Global Ratings, the bank is well-positioned to drive sustainable development initiatives in East Africa.
“Last year, S&P Global Ratings assigned EADB its ‘A’ credit rating for the first time, the highest in East Africa,” said Mr. Mono. “This strong rating offers us vast opportunities for mobilizing cost-effective resources which are pivotal for driving sustainable development initiatives in East Africa.”
