Government has called for a stronger development financing architecture capable of mobilising and deploying capital at the scale required to drive Uganda’s socio-economic transformation.
Speaking at the High-Level Policy Dialogue on Uganda’s Development Financing Architecture at Sheraton Kampala Hotel, Minister for the Presidency Milly Babalanda, who officially opened the engagement, said Uganda’s ambition to grow its economy from about US$50 billion to US$500 billion by 2040 requires new approaches to financing development.
“Financing is not an end in itself. The ultimate objective is transformation,” Babalanda said.
She called for increased domestic savings and investment, deeper capital markets, stronger development finance institutions, expanded public-private partnerships (PPPs) and greater use of innovative financing mechanisms, including blended and Islamic finance.
Secretary to Cabinet and Head of Public Service Lucy Nakyobe said the Fourth National Development Plan (NDP IV) requires about Shs593.6 trillion, with 69.6 per cent expected to come from the public sector and 30.4 per cent from the private sector.
Nakyobe called for stronger domestic revenue mobilisation, improved project preparation and greater value for money, saying the country must shift from simply financing projects to financing transformation and measurable outcomes.
Representing Secretary in the Office of the President Hajji Yunus Kakande, Manifesto Implementation Unit head Willis Bashasha said Uganda must mobilise both domestic and international capital while deepening its capital markets.
Bashasha said the country should also turn opportunities in agro-industrialisation, tourism, minerals, oil and gas, manufacturing, ICT, financial services, science and technology into bankable and investable propositions.
