Uganda has secured a major financing deal with the African Export–Import Bank (Afrexim Bank), unlocking a €270 million (about shs1.1 trillion) loan to accelerate priority projects under the 2024/25 national budget.
Finance Minister Matia Kasaija, announcing the facility on Wednesday, August 20, said the funding will focus on infrastructure, industrial expansion, and agriculture value addition.
“The facility is targeted towards financing of investments in infrastructure and human capital development in the budget, to support sustainable growth and socioeconomic transformation,” Kasaija said.
According to the minister, the money will be channeled into critical projects such as the construction and maintenance of road, rail, and port networks, energy generation and distribution, export processing zones, and industrial parks.
Kasaija also praised Afrexim Bank’s role in advancing African-led growth strategies.
“This financing is an indication of the capacity of an African development financial institution like Afrexim Bank, among others, to support African strategies and development objectives,” he noted.
“This is a clear demonstration of the Bank’s relevance to Uganda and the African continent, as well as an expression of its confidence in delivering solutions tailored to the requirements of its member countries.”
The partnership goes beyond financing. Uganda will soon host Afrexim Bank’s East African regional office, now under construction along Yusuf Lule Road in central Kampala.
The complex will house the Africa Trade Centre (AATC), serving as a hub for trade operations and financing activities across the region.
For Kasaija, the decision underlines Uganda’s growing role in continental trade policy.
- “These investments signify the Afrexim Bank’s strong confidence in the Government of Uganda and our shared vision of promoting trade and development in Africa,” he said.
