EADB’s Benard Paul Mono on unlocking SME growth and investing in East Africa’s next generation

At the OPEC Fund Development Forum 2025 we had the opportunity to sit down with Benard Paul Mono, Acting Director General of the East African Development Bank (EADB), to discuss how the institution is scaling up support for small and medium-sized (SMEs) enterprises, tackling youth unemployment and building on a long-standing partnership with the OPEC Fund. The discussion came as the two institutions signed a new US$40 million loan agreement aimed at boosting sustainable development across East Africa.

What is the purpose of our latest loan agreement?

The new agreement will help us to finance projects that we’re doing in our member countries Tanzania, Uganda, Rwanda and Kenya – mostly to finance SMEs across East Africa. We’re implementing our 2024-2028 strategic plan and the focus areas are agriculture, processing, manufacturing, industrialization and generally supporting SMEs.

Why is supporting SMEs so important?

One of our priority areas is youth employment. Our region is full of very energetic, youthful people and a lot of them are graduating from universities. But unemployment is high. We want to support an entrepreneurial generation that will create jobs and reduce unemployment. As we’re mostly an agricultural-based area, we want to improve people’s lives with smart agriculture and get more value from what they are doing.

What are your impressions of the OPEC Fund Development Forum?

It's been great. I've met a number of people and know the conversation will not end here. It's been a very good opportunity to network and create partnerships. Thank you so much, OPEC Fund, for the opportunity and looking forward to working together.

What has our partnership achieved?

It's been a long and true partnership of 23 years between the OPEC Fund and EADB. In that period, we’ve signed four lines of credit. We started with US$10 million around 2002 and then went ahead with US$15 million and US$20 million, which enabled EADB to give loans to sectors we support. Today we signed another credit line for US$40 million. It's a partnership that’s been growing and we hope to continue growing.

Where do you see us cooperating more?

We're talking about transitioning to cleaner energy and smart agriculture, amid various climate issues. I see a bigger role played by the OPEC Fund in that area. But as we operate in the East Africa on issues such as SMEs and youth unemployment, I also see a lot of energy coming from the OPEC Fund to partner with institutions to address those challenges.

Partnership Snapshot
The OPEC Fund and the East African Development Bank (EADB) form a institutional partnership grounded in shared priorities for sustainable development and regional integration. In June 2025, the institutions signed a US$40 million loan agreement to support small and medium-sized enterprises (SMEs) and project financing across Kenya, Uganda, Tanzania and Rwanda.

The facility is expected to generate strong development impact by boosting access to finance for SMEs in key sectors such as agriculture, agro-processing, manufacturing and industrialization, contributing to job creation and inclusive growth across the region.

Established in 1967 and reconstituted in 1980, EADB is a regional development finance institution with a mandate to promote sustainable social and economic development in East Africa. Owned by the four member states Kenya, Uganda, Tanzania and Rwanda, as well as development and commercial financial institutions, EADB provides long-term financing, technical assistance and advisory services. Its core focus includes infrastructure, agriculture, manufacturing and education.