Thursday, April 18, 2024
HomeBusinessEuropean Investment Bank’s delegation...

European Investment Bank’s delegation visits Uganda to discuss investment opportunities

KAMPALA – A delegation representing the European Investment Bank (EIB) is on a week-long visit of Uganda to discuss a pipeline of investment opportunities in the country with key stakeholders.

Led by the Head of the EIB Regional Hub for Eastern Africa, Edward Claessen, the delegation is visiting the ministries of water, transport, energy, housing, finance and justice. EIB Global is keen to grow its investment portfolio in the country to support the European Union’s Global Gateway initiative of providing long-term financing and tackling investment gaps to accelerate high-impact projects that contribute to delivering sustainable development and are technically, socially and environmentally sound.

Speaking during the visit, the EIB’s Edward Claessen said: “Uganda has enormous potential, but faces huge investment needs. These have been worsened by the impact of COVID-19 pandemic, energy and inflation shocks triggered by Russia’s invasion of Ukraine. The Ugandan government requires support of partners such as the EU and the EIB for economic recovery, sustained growth and job creation, funding and investment.”

The EU Ambassador to Uganda, Jan Sadek, welcomed the visit. He pointed to the important role that EIB Global, as part of #TeamEurope, plays in the fostering of sustainable growth in Uganda. “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,” he said.

To date, EIB Global has provided over EUR 498 million (UGX 2 trillion) to Uganda through the financing of 31 projects primarily in support of private sector businesses, energy, water, sewerage, transport, industry, telecom, services, and agriculture, fisheries and forestry. Some notable ones include the Eastern Africa Transport Corridor project, the Bujagali Hydroelectric Project and the Lake Victoria water and sanitation project in Kampala.

EIB Global’s priority activities in Uganda address key challenges, for example by supporting climate adaptation and mitigation projects that build the resilience of vulnerable communities and improving access to finance especially for the SMEs and micro-enterprises.

Apart from its public sector lending to governments, EIB Global recognises that strong financial intermediaries are key to addressing market challenges and suboptimal investment situations. EIB Global is building on its many years of experience and partnership with banks, microfinance institutions and equity funds by supporting their efforts to innovate and enhance the scope and inclusiveness of their outreach. It also considers non-banking financial institutions, such as guarantee funds, leasing companies or fintechs, that have a financial model to enable greater outreach to underserved smaller businesses.

EIB Global in partnership with the various financial institutions in Uganda has provided over EUR 203 million (UGX 815 billion) so far to support private sector businesses, targeting agriculture and gender-equality focused projects. Accompanying technical assistance was also offered to these banks or microfinance institutions and their clients across a wide range of topics including risk management, product development, environmental and social assessment, financial literacy among others.

EIB Global has been steadily increasing its investments in Africa, with project investment on the continent accounting for nearly 40% of all investment outside the European Union.

Follow us on Twitter. Send us a secure tip

- A word from our sponsors -

Most Popular

More from Author

Hamis Kiggundu

#5|Hamis Kiggundu|$1.02BnRandom fact: “Historical: The first African Billionaire to build a national...

Shelter Afrique urges African States to explore broader partnerships in tackling affordable housing

NAIROBI – Pan-African housing development financier, shelter Afrique has urged African...

Parrots Seized from Congolese Traffickers in April 2022 released to the wild

World Animal Protection applauds Uganda Wildlife Conservation Education Centre for rewilding...

- A word from our sponsors -

Angola’s Billionaire Elite: Unveiling the Top 10 Wealthiest Moguls in 2024

Here's a look at Angola's wealthiest individuals in 2024, highlighting the top entrepreneurs and business magnates who are shaping the country's economic landscape. This list is current for 2024 and excludes Isabel Dos Santos, focusing on the new and prevailing forces in Angola's billionaire circle.Angola’s Billionaire Elite:...

Discover the Ultimate Road Companion: Nissan Caravan Now Available in Mombasa, Kenya

Are you on the hunt for a vehicle that combines robust performance with spacious comfort? Look no further than the Nissan Caravan, currently on offer in the bustling city of Mombasa, Kenya. Ideal for businesses requiring cargo transport, groups seeking adventure, or families needing extra space, the...

Algeria’s Billionaire Elite: Unveiling the Top 10 Wealthiest Moguls in 2024

Algeria, with its significant oil and gas reserves, has a group of wealthy individuals whose influence spans across various industries including construction, manufacturing, food, and pharmaceuticals. Here is a table summarizing the top 10 wealthiest individuals in Algeria as of 2024:As of 2024, here is the latest...

Rising Icon of Sport: Kenya’s Talanta Stadium Set to Redefine African Athletics

Kenya's Pinnacle of Pride: Unveiling the Talanta Sports CityNAIROBI-KENYA | Amidst the bustling energy of Nairobi, a new landmark rises - the Talanta Sports City. A marvel of architecture that intertwines the spirit of Kenyan heritage with cutting-edge design, this stadium is poised to become a beacon...

Ethiopias’s Billionaire Elite: Unveiling the Top 10 Wealthiest Moguls in 2024

Ethiopia, known for its rich cultural heritage, is also home to some of the wealthiest individuals in Africa. These moguls have diversified their investments across various sectors including oil, mining, agriculture, and real estate, significantly contributing to the nation's economic development. Here's a look at the top...

Trailblazers of Wealth: Kenya’s Five Most Influential Women in 2024

Kenya's economic landscape is distinguished not only by its vibrant markets and industries but also by the formidable women who have risen to the top of these sectors. As of 2024, here is a detailed look at the five richest women in Kenya, highlighting their net worth,...