EU bank explores investment opportunities in Uganda

The bank officials evaluated different collaboration options across a range of industries, including energy, water, and finance, in an effort to take use of the existing EIB-Ugandan links.

According to EU Ambassador to Uganda, Jan Sadek, "the European Union's cooperation with Uganda aims to respond to the country's most pressing needs by supporting sustainable development through sound economic policies and good governance."

The group, led by Edward Claessen, Head of the EIB Regional Hub for Eastern Africa, conducted conversations with key ministries about how the bank might assist the nation in filling investment gaps and hastening the implementation of high-impact projects.

According to Claessen, the EIB hopes to assist the government in achieving "...economic recovery, sustained growth and job creation, funding and investment" through making investments in the Ugandan economy.

The visit was part of the EIB's support of the European Union's Global Gateway initiative, which aims to provide long-term financing to help developing economies achieve sustainable development goals while growing their economies.

While factors such as the COVID-19 pandemic and energy and inflation shocks brought on by the Russian-Ukrainian war continue to impede the growth of the Ugandan economy, it was nonetheless important to show that the EIB is committed to the EU's Global Gateway initiative.

The visit comes after several years of EIB investments totaling EUR 498 million in Uganda's private sector, energy, water, sewage, transport, industrial, telecom, services, and agricultural, fisheries, and forestry activities.

Additionally, the EIB has collaborated with international investors to direct investments totaling EUR 203 million to promote private companies, agricultural projects, and gender equality initiatives in Uganda.