The World Bank will give Uganda over $2 billion in new financing in the next three financial years to fund economic development, according to the country ‘s permanent secretary , Ramathan Ggoobi.<\/p>\n\n\n\n
The global lender resumed loans to the east African country, a prospective crude oil producer, in June after a near two-year suspension of fresh funding over a tough anti- Homosexual law .<\/p>\n\n\n\n
\u201cI am glad to announce that concessional financing is back. In the next three financial years the World Bank will disburse over $2 billion of new money to finance our development including infrastructure in cities and municipalities ,\u201d Ggoobi said at a media briefing .<\/p>\n\n\n\n
He said the money would be used to finance projects in other sectors that include transportation, energy, ICT, and agriculture.<\/p>\n\n\n\n
The lender has traditionally been Uganda\u2019s largest source of cheap credit alongside China and suspension of loans had forced the government to resort to domestic markets for costlier credit, according to finance ministry data.<\/p>\n\n\n\n
Uganda is also currently negotiating with the IMF for a new Extended Credit Facility (ECF) program after the previous one, worth about $1 billion lapsed last year before all the funds were disbursed.<\/p>\n\n\n\n
Crude oil production, expected to begin around mid-2026, will help push growth into double digits in the 2026\/27 (July-June) fiscal year, the finance ministry said last month.<\/p>\n\n\n\n
He said the money would be used to finance projects in transportation, energy, ICT, agriculture and other sectors.<\/p>\n\n\n\n
The World Bank did not immediately respond to a request for comment.<\/p>\n\n\n\n
The lender has traditionally been Uganda\u2019s largest source of cheap credit alongside China and suspension of loans had forced the government to resort to domestic markets for costlier credit, according to finance ministry data.<\/p>\n\n\n\n
Uganda is also currently negotiating with the IMF for a new Extended Credit Facility (ECF) program after the previous one, worth about $1 billion lapsed last year before all the funds were disbursed.<\/p>\n\n\n\n
Crude oil production, expected to begin around mid-2026, will help push growth into double digits in the 2026\/27 (July-June) fiscal year, the finance ministry said last month.<\/p>\n\n\n\n
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