EADB wants enhanced Investment to spur job creation

KAMPALA - The Governing Council of the East African Development Bank (EADB) is mulling increased lending and corporate social investment programs to the private sector to create jobs, especially for youth and women.

This was revealed during the ordinary meeting of the EADB Council held in Kampala, Uganda last week attended by the ministers of finance from Uganda, Kenya, Tanzania, and Rwanda and chaired by Matia Kasaija.

During 2024 the Bank continued with its focus on supporting Small and Medium Enterprises (SMEs) in the region under which program $50 million was injected into the sector through partner financial institutions.

Through this intervention, the Bank generated over 18,000 jobs, over 60% of which are for women and youth involved in agriculture and agribusiness-related enterprises. This immensely supported food security in the region.

Speaking after the Council meeting, CPA John Mbadi Ng’ongo, the Cabinet Secretary, The National Treasury and Planning, Republic of Kenya noted that they are focusing towards supporting the private sector so that they can create more businesses and employ more youth.

“A number of youth graduate from Universities and Colleges every year, well-educated and trained, only to find no jobs in the market. Currently, Kenya alone has 3.4 million youths unemployed, and every year, we produce 800,000 young Kenyans for the market. It is time we start thinking about how to mainstream and integrate the youth in each action we take, including our budgeting processes,” Mbadi added.

Dr. Mwigulu Nchemba, the minister of finance in the United Republic of Tanzania echoed the need to support the private sector and emphasized a need to strengthen cooperation between the Member States.

“Given the recent events we have learnt a lesson that we need to build our own financial muscle from within so that we can finance our own development programs, especially in infrastructure and economic empowerment without relying a lot on external support.”
In his remarks, Dr. Charles Mwamwaja, EADB Chairman of the Board of Directors, disclosed that during the meeting, several issues were discussed including developing a communication strategy to enable the bank to become more visible in the region.

“We need to start developing a comprehensive communications strategy to enable the bank to assume its rightful position in the East African region as we look forward to working with everyone and making them understand our message, activities, and the impact we have created.”

The Council urged the Board and Management to leverage the good credit rating and to increase efforts not only to maintain the good credit rating but to improve it further. The Governing Council will hold its next meeting in Kigali, Rwanda in 2026.