Uganda, World Bank Chart New Financing Path at Spring Meetings

Washington, D.C. April 16, 2026 - Uganda has engaged in high-level discussions with the World Bank’s Africa leadership on future financing priorities, economic growth, and development cooperation, as part of the ongoing Spring Meetings of the International Monetary Fund and the World Bank in Washington, D.C. The Ugandan delegation met with the World Bank Vice President for the Africa region, Ndiame Diop, to review the country’s macroeconomic performance and assess the status of the Bank’s expanding portfolio in Uganda. Uganda’s Minister of State for Finance in charge of General Duties said the economy continues to demonstrate resilience despite global headwinds, with growth currently estimated at 6.3 percent and projected to rise to between 6.5 and 7 percent by the end of the financial year. He noted that the medium-term outlook remains robust, with the government targeting double-digit growth rates as part of its long-term ambition to expand the economy tenfold by 2040. “This growth trajectory is well aligned with our ambition to grow the economy tenfold by 2040,” the minister said. Expanding Financing Portfolio Uganda’s World Bank portfolio has grown significantly, increasing from US$3.9 billion in March 2025 to approximately US$4.74 billion, now covering 18 active projects and programmes across multiple sectors. The government welcomed the Bank’s recent approval of the Uganda Cities and Municipal Infrastructure Programme, as well as additional financing for the Integrated Water Management Development Project. Officials also expressed optimism over pending approvals, including the Uganda-Tanzania transmission line project and further funding for Lot 1 of the North Eastern Road Asset Management Project. Focus on Strategic Infrastructure Uganda is seeking enhanced World Bank support through a programmatic financing approach targeting key growth drivers under its tenfold strategy. Priority areas include development of the Standard Gauge Railway, expansion of hydropower generation, and investments in urban infrastructure such as drainage systems and waste management. Additional focus areas include strengthening electricity transmission networks, particularly in industrial parks, and improving private sector access to credit through development policy operations. World Bank Perspective Ndiame Diop commended Uganda for maintaining macroeconomic stability but emphasized the need to ensure that growth translates into tangible outcomes, particularly job creation and poverty reduction. He also praised Uganda’s progressive refugee policy, noting that the World Bank is prepared to design a dedicated programme to support refugee-hosting communities. At the same time, Diop called for improvements in project implementation, highlighting the importance of efficiency and faster disbursement to accelerate development impact. Sector Reforms and Technical Discussions The two sides also reviewed the INVITE export guarantee scheme, with discussions pointing to the need for restructuring to better align it with beneficiary needs. In the energy sector, technical engagements focused on reforms aimed at improving efficiency, performance, and sustainability. Japan Cooperation on Infrastructure In a separate meeting, Uganda’s delegation held talks with officials from the Japan International Cooperation Agency (JICA), including Yushi Nagano and Shinohara Shunei, to explore financing for major infrastructure projects. Key proposals include the Kampala Flyover Project and the Kampala Metropolitan Transmission System, both designed to enhance urban mobility and strengthen electricity transmission capacity in the greater Kampala area. Officials say the engagements reflect Uganda’s broader strategy to mobilize diversified financing partnerships to support infrastructure development, sustain economic growth, and accelerate progress toward its 2040 transformation agenda.