The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | Julius Businge | In line with its mandate to promote sustainable and inclusive socio-economic development and regional integration, the East African Development Bank (EADB) has disbursed over USD 200 million to Kenya, Uganda, Tanzania, and Rwanda in the last five years through its lending operations, executives said on Feb.10 in Kampala.
These interventions have led to the creation of over 110,000 jobs across key sectors, including Infrastructure, Manufacturing, Agriculture & Agri-processing, and Social Services. Notably, 49% of these jobs were awarded to women, reinforcing EADB’s commitment to inclusivity and sustainable development.
Recognizing the vital role Micro, Small, and Medium Enterprises (MSMEs) play in socio- economic growth, EADB has financed over 10,500 MSMEs across the region, disbursing USD 99 million through direct lending and partnerships with financial institutions.
Speaking at the EADB Partners Engagement Breakfast, Uganda’s Minister for Finance, Planning, and Economic Development—and Chairperson of the EADB Governing Council—Hon. Matia Kasaija commended the Bank’s role in driving Uganda’s economic growth and social transformation. He also urged EADB to prioritize funding projects that generate employment opportunities.
In Uganda, EADB has advanced a cumulative Shs209.4 billion to MSMEs, a sector that serves as the backbone of the economy. The financing, channeled through the Rural Finance Enhancement Program (RFEP) and the Agri-finance Enhancement Program (AEP), has supported a wide range of businesses and created over 35,850 jobs, with approximately 60% of these opportunities benefiting women and vulnerable groups.
EADB Acting Director General, Benard Mono, emphasized that the Bank’s investment in SMEs is based on their pivotal role in Uganda’s economic progress, accounting for 1.1 million of the country’s total businesses.
“We cannot understate the role SMEs play in Uganda’s economy as key drivers of innovation and job creation. Our commitment to enhancing financial access and inclusion for SMEs remains steadfast. Through strategic partnerships with financial institutions, EADB aims to support an additional 10,000 SMEs this year, fostering socio- economic development across Uganda and the East African region.”
The partner’s engagement forum also explored economically viable and environmentally sustainable projects that EADB plans to invest in over the next four years under its 2024-2028 Strategic Plan. Aligned with member states’ national strategic priorities and the United Nations Sustainable Development Goals (SDGs), these projects span
Industrialization and manufacturing, Infrastructure, Agriculture and agri-processing, Social Services, Climate Change, and environmental Management.
EADB’s commitment to building resilient and prosperous economies is further strengthened by its strong credit rating from S&P Global Ratings, a leading global credit rating agency.
“Last year, S&P Global Ratings assigned EADB an ‘A’ credit rating—the highest in East Africa—recognizing our critical policy mandate, strong financial profile, extraordinary shareholder support, and sound governance structures,” Mono said.
“This rating opens vast opportunities for mobilizing cost-effective resources, essential for driving sustainable development initiatives in East Africa. The stable outlook underscores confidence in EADB’s ability to expand its footprint across member states while maintaining financial strength.”
With a clear strategy and strong financial backing, EADB remains committed to fostering regional development, strengthening economic resilience, and unlocking new opportunities for sustainable growth.
