Uganda to Receive Over $2 Billion in Concessional Financing from World Bank

Uganda is set to receive more than $2 billion (approx. Shs 6.948 trillion) in concessional financing from the World Bank over the next three financial years to support key development initiatives, Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, announced.

Ggoobi made the announcement following the 2025 IMF–World Bank Annual Meetings in Washington, D.C., where Uganda reaffirmed its partnership with international financial institutions to drive sustainable economic growth.

“For Uganda, I’m glad to announce that concessional financing is back. In the next three financial years, the World Bank will disburse over $2 billion to Uganda to finance our development. The current total investment is $4.9 billion,” Ggoobi said.

The funds will be directed to priority sectors including roads and bridges, electricity transmission and last-mile connections, regional city infrastructure, IT roads, agriculture, tourism, trade export guarantees, and skills development.

The International Finance Corporation (IFC), the World Bank Group’s private-sector arm, will also provide “patient capital” to Uganda’s private sector, focusing on minerals, renewable energy, and special industrial parks to promote job creation and industrial growth.

Ggoobi further revealed that Uganda is negotiating a new Extended Credit Facility (ECF) program with the IMF, set to commence after the 2026 elections, to support fiscal and structural reforms aimed at strengthening the economy. Key reforms include increasing domestic revenue, promoting import substitution, reducing the budget deficit, and balancing payments.

On a global note, Ggoobi praised World Bank President Ajay Banga for emphasizing the private sector’s role in development, and commended the IMF for recognizing the private sector’s importance in economic resilience.

He reassured that Uganda’s economy remains stable and resilient, with the IMF and World Bank praising the country’s macroeconomic reforms. Both institutions also pledged continued support for Uganda’s oil and gas sector, particularly in infrastructure and technology development, to sustain prosperity and economic stability.