The African Development Bank Group (AfDB) has reaffirmed its commitment to supporting Uganda in achieving its development objectives. Dr. Kevin Kariuki, AfDB’s Vice President for Power, Energy, Climate, and Green Growth, made this commitment during a courtesy visit to Uganda’s Finance Minister, Matia Kasaija, at his office in Kampala on Tuesday, January 30.
According to the finance ministry’s statement on X, formerly Twitter, “Kariuki, on behalf of AfDB, pledged to continue working closely with the Government of Uganda to achieve its development goals.” The discussions between the two officials covered the performance of AfDB’s portfolio in Uganda, the overall economic performance, and challenges causing delays in the implementation of certain projects.
Finance Minister Kasaija expressed gratitude to the bank for its support, particularly in the area of infrastructure development, including roads and energy. He highlighted that Uganda’s economy has demonstrated resilience and is recovering from both external and domestic shocks.
The finance ministry’s statement also revealed that Uganda’s economy is projected to grow at 6% in the financial year 2023/24 and further to 6.4% in the financial year 2024/25, maintaining an average of 7% in the medium term.
AfDB acknowledges on its website that Uganda, despite being a low-income country, has made significant socio-economic progress and invested heavily in infrastructure over the past three decades. The bank notes positive achievements such as macroeconomic stability, peace and security consolidation, and a reduction in poverty from over 50% in the 1990s to about 20% in 2020.
In December 2023, AfDB approved a substantial loan of $252.83 million (approximately sh964 billion) to fund the construction of the Laropi-Moyo-Afoji and Katuna-Muko-Kamuganguzi roads in Uganda. As of November 2023, AfDB’s active portfolio in Uganda comprised 23 projects with a total commitment of $1.957 billion, reflecting the bank’s ongoing support for the nation’s development initiatives.
