The East African Development Bank (EADB) has announced plans to construct a permanent office residence and increase funds disbursement following a recorded success story of supporting Rwanda’s financial sector growth.
The announcement was made on December 16 during a high-level stakeholders’ engagement forum held under the theme “Impact of EADB’s Financing on Rwanda’s Socio-Economic Transformation,” highlighting the Bank’s contribution to Rwanda’s development through inclusive and strategic financing.
EADB has cumulatively disbursed $33 million (Rwf 48 billion) to four partner institutions in Rwanda since the launch of their 2024 SME Program.
The funding, channeled through partner financial institutions namely Development Bank of Rwanda (BRD), Duterimbere IMF Plc, AB Rwanda Plc, and Letshego Rwanda, has supported SMEs in sectors such as Agriculture, Manufacturing, Commerce, Housing, and Transport.
This has led to the creation of over 7000 jobs, with over 4000 permanent positions and over 3000 casual jobs. 40% of the jobs have gone to women.
The disbursements form part of EADB’s $36 million SME Fund (approximately RWF 47.2 billion), launched in July 2024, with the objective of extending loan facilities to more than 500 SMEs nationwide.
Some of the beneficiaries showed how this has impacted their businesses and the economy, especially in creating jobs, with a majority being women.
For example, Alphonse M. Ngabonziza, the Chief Executive Officer (CEO) of Duterimbere IMF PLC, received Rwf 3.5 billion in funding which has been disbursed to support agriculture, livestock, trade, and entrepreneurs with 344 clients and impacting approximately 1,032 persons.
“Our portfolio has expanded to Rwf 15 billion from Rwf 3 billion as of July, and by the end of the year, we have reached Rwf 21 billion. So far, 321 jobs have been created, increasing financial access, especially with 93% of beneficiaries being women,” he said.
A female beneficiary, Margaritha Uwantege, a mother of 8, said that this was because of the good leadership that mobilized women to seek financial support.
She started with a piggy bank of Rwf 2,000 which was used to start a poultry business, sought a 50k loan to rear goats, worked with the bank to advance to cattle, and later to a canteen shop. Now she is selling spare parts and has managed to move from a Rwf 10 million to a Rwf 50 million loan to date.
Margaritha Uwantege
“I was not educated, but now have many graduates in the family with children working in the USA, Saudi Arabia, and Canada. This is because of Duterimbere and the government enabling me to be self-reliant,” she said. Women should be fearless to pursue their dreams.
EADB Ag. Director General, Benard Mono stated that the passionate beneficiary testimonies give the regional Bank a reason and energy to do more in the market to make national development a reality.
He revealed that starting in 2026, they plan on constructing their own permanent office in Nyarutarama, Kigali, and moving out of their current rented building and also increase funding sources upto $100- 150million.
“We are ready to work with both the private and public sectors to provide long-term financing at affordable rates to spur development in Rwanda and the East African region,”
“On that basis, the EADB board of directors have approved the acquisition of a plot in Nyarutarama where we will be constructing our country office for Rwanda,” Mono revealed.
“We are here for good. We are not going away at all. We are here to stay – that will enable us to reach more entrepreneurs and work together to spur development here,” he noted.
Benard Mono
Mono underscored the Bank’s recognition of the pivotal role played by Micro, Small, and Medium Enterprises (MSMEs) in driving socio-economic development within member states, hence the commitment to enhance financial access and inclusion for MSMEs.
“As the region’s development bank, jointly owned by our member states, we are proud to be long-term partners of each of our member states and aligning our financing with national priorities.
Our role as EADB in Rwanda and the region is not simply to provide capital but also a network transformation, to turn finance into productivity, resilience, and opportunity.
“As we get into the next few years, EADB will adopt a collaborative approach with partner financial institutions. This will enable us to reach entrepreneurs that a development bank like ours would otherwise not reach.
It is through such partnerships that we have been able to and continue to channel resources into key sectors that drive economic transformation: manufacturing, agriculture, industry, transport, commerce, and housing.
It is also through this approach that we have been able to finance SMEs and strengthen the economic growth of the region,” noted Mono.
He added that, guided by Rwanda’s Vision 2050, EADB’s role will be to finance what Rwanda must become tomorrow: an inclusive, resilient, and prosperous nation for generations to come.
“Together, we are not just financing projects, we are building Rwanda’s future and changing lives one at a time,” he concluded.
Herbert Asiimwe
Herbert Asiimwe, representing the Minister of Finance and Economic Planning and EADB Governing Council Members noted that EADB has been a steadfast development partner to Rwanda for the past few years.
“EADB’s financing programs have enhanced key productive sectors such as manufacturing, agriculture, transport, real estate, commerce, housing and the SME sector, stimulating economic activity and improving livelihoods across Rwanda.” said Asiimwe.
Asiimwe stated that EADB’s investments have made a direct contribution to Rwanda’s priority Sustainable Development Goals, by supporting income-generating activities & creating outcomes that are fully aligned with Rwanda’s Vision 2050, which is inclusive, sustainable and highly sector-led growth.
Asiimwe noted that Rwanda government values partners that promote a deeper sustainable impact and EADB has demonstrated this through measurable results on the ground.
EADB Board Member, Faustin Mbundu
EADB Board Member, James Tumusiime
