The Permanent Secretary and Secretary to the Treasury (PSST), Dr Ramathan Ggoobi, has held high-level talks with international lenders and European financing institutions in London, United Kingdom, to mobilise billions of dollars for Uganda’s priority infrastructure projects.
The financing drive targets key investments under the government’s Tenfold Growth Strategy, including the Standard Gauge Railway (SGR), electricity transmission infrastructure, commercial irrigation, strategic road networks, healthcare and industrial manufacturing.
In a statement, Dr Ggoobi said the discussions focused on securing affordable, long-term financing and guarantees to attract private investment and reduce the cost of funding major development projects.
The institutions engaged included Standard Chartered Bank, Citibank, the World Bank and European export credit agencies (ECAs).
The engagements also explored potential financing arrangements backed by the World Bank to improve access to competitively priced credit and support the implementation of strategic national projects.
Dr Ggoobi said the government’s priority was to ensure that the financing secured translates into completed infrastructure projects that lower the cost of doing business, improve Uganda’s export competitiveness and create employment opportunities.
He also emphasised the need to maintain long-term debt sustainability as the government pursues its ambitious economic growth agenda.
During the London mission, Dr Ggoobi met portfolio investors and encouraged them to increase their investments in Uganda, citing the country’s macroeconomic performance and the potential for attractive returns.
The financing initiative is part of the government’s broader efforts to accelerate economic growth and support the Tenfold Growth Strategy, which seeks to expand Uganda’s economy through increased investment, industrialisation and improved infrastructure.
Dr Ggoobi was accompanied by Juvenal Muhumuza, the Commissioner for Development Assistance and Regional Cooperation at the Ministry of Finance, Planning and Economic Development.
The parties agreed on the next steps to advance the priority projects, including technical assessments, negotiations on financing terms and obtaining the necessary approvals.
The proposed financing is expected to support infrastructure development and strengthen the productive sectors of the economy, although the projects will still be subject to appraisal, negotiations and the required approval processes.
