Rwanda’s Minister of Finance and Economic Planning, Yusuf Murangwa, has been elected Chairperson of the East African Development Bank’s Governing Council, placing Kigali at the apex of the region’s most important development finance institution at a moment of record growth.
The appointment was confirmed during the EADB’s Governing Council meeting in Kampala on May 8, 2026. Murangwa succeeds Uganda’s Finance Minister Matia Kasaija, who had held the chairmanship of the council.
In a parallel move, Uganda’s Ministry of Finance Permanent Secretary Dr. Ramathan Ggoobi was appointed Chairperson of the Board of Directors for a two-year term, taking over from Tanzania’s Dr. Natu Mwamba.
The Governing Council is the EADB’s supreme governing body, composed of finance ministers from member states meaning Murangwa now chairs the room where the bank’s highest-level strategic decisions are made.
A Bank on the Rise
The timing of Rwanda’s ascent to the council chair is striking. The Governing Council meeting coincided with the bank reporting a 51 percent increase in profitability, with pre-tax profit rising to $16.93 million for the year ended December 2025, up from $11.20 million the previous year. That growth was bolstered by a 140 percent increase in loan disbursements and a 52 percent rise in outstanding loans.
Outgoing Chair Kasaija credited what he described as a more disciplined deployment of capital across the region. “This strong performance is a testament to EADB’s enhanced capacity to mobilise resources and deploy innovative financing solutions,” he said during the handover.
The $13M Fund Signal
Alongside the leadership changes, the bank unveiled a $13 million facility dedicated to youth and women-led SMEs, providing affordable capital through regional financial partners to stimulate growth in agribusiness, manufacturing, and green energy.
Kasaija framed it as a structural response to a long-standing problem: “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.”
The fund is to be partly financed from the bank’s own profits, with management instructed to continue mobilising additional resources from development partners to grow its long-term impact.
Why This Matters for Rwanda
Rwanda joined the EADB in 2008 following its admission into the East African Community, and Kigali has steadily deepened its engagement with the bank since.
Murangwa’s elevation to Governing Council chair is not ceremonial, it gives Rwanda direct influence over the bank’s strategic priorities at a time when Kigali is aggressively positioning itself as a hub for regional finance, trade, and investment.
For a government that has consistently used development finance as a lever for infrastructure, energy, and private sector growth, having the minister who controls the national budget chair the EAC’s development bank creates a direct line between Rwanda’s domestic priorities and the region’s lending agenda.
Murangwa’s chairmanship runs on a rotating basis in line with the EADB charter, meaning Rwanda will need to use the period effectively.
The $13M youth and women’s fund, launched at the same session, could serve as a template for larger thematic facilities under Rwanda’s watch. Watch also for whether Murangwa uses the platform to accelerate Rwanda’s access to regional capital for flagship projects ahead of the 2026-2028 National Strategy for Transformation targets.
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