NAIROBI, Kenya, June 19— The East African Development Bank (EADB) has sealed a Sh5.2 billion loan agreement with the OPEC Fund for International Development to spur sustainable economic growth and regional integration across East Africa.
The deal represents the fourth and largest financing collaboration between the two institutions to date.
The funds are earmarked to support small and medium-sized enterprises (SMEs) and infrastructure development in EADB member countries, reinforcing both institutions’ shared vision of resilient and inclusive growth.
In addition to the loan, the OPEC Fund has been mandated to arrange a further Sh3.2 billion in syndicated financing.
This strategic move is designed to deepen capital access for transformational development initiatives across key sectors such as transport, education, tourism, and agro-processing.
“This fourth agreement with the OPEC Fund is not only a financial milestone but also a testament to our trust and shared vision for East Africa,” said Benard Mono, Acting Director General of EADB.
“Today’s agreement will empower us to reach even more SMEs and invest robustly in the infrastructure that the region urgently needs.”
On his part, Abdulhamid Alkhalifa, President of the OPEC Fund, emphasized the broader impact of the agreement.
“Our partnership with EADB exemplifies our commitment to working with regional financial institutions to achieve sustainable development outcomes. By supporting SMEs and infrastructure in East Africa, we are directly investing in the region’s economic resilience and long-term prosperity.”
EADB says the financing will be key in scaling up its developmental impact across its member states as it seeks to strengthen its role as a catalyst for regional progress.
