Business
EIB, BoU partner to strengthen climate resilience
Under the partnership, EIB Global will provide technical assistance to help BoU develop a roadmap for greening the financial sector, strengthen climate-risk disclosure and improve reporting by financial institutions.
Prof. Augustus Nuwagaba signing the contract with Edward Claessen together with Gloria Namazzi and Jan Sadek at the back during the ceremony at Serena Hotel.
By: Laura Nagaba, Journalist @New Vision
The European Investment Bank (EIB) Global and the Bank of Uganda (BoU) have signed a cooperation agreement aimed at strengthening Uganda’s financial sector to better manage climate-related risks and mobilise financing for green investments.
Under the partnership, EIB Global will provide technical assistance to help BoU develop a roadmap for greening the financial sector, strengthen climate-risk disclosure and improve reporting by financial institutions.
The programme will also support the implementation of Uganda’s National Green Taxonomy, which was launched in 2025 to provide a common definition of environmentally sustainable economic activities.
BoU Deputy Governor Prof. Augustus Nuwagaba said climate change poses risks to economic and financial stability, noting that the central bank’s objective is to build a financial system that can identify emerging risks while continuing to finance productive activities.
“Climate change is not only an environmental concern. It is also significant in our macroeconomic stability efforts,” Nuwagaba said.
Uganda requires an estimated $28.1 billion by 2030 to finance climate action. The partnership is therefore expected to help create a financial system capable of attracting more private and international capital towards climate-related investments.
The support will also extend to selected commercial banks to strengthen their climate-risk management, disclosure and capacity to expand green lending.
Housing Finance Bank is the first Ugandan commercial lender set to benefit from the technical assistance.
“Climate change is not only an environmental concern. It is also significant in our macroeconomic stability efforts,” Nuwagaba said.
Uganda requires an estimated $28.1 billion by 2030 to finance climate action. The partnership is therefore expected to help create a financial system capable of attracting more private and international capital towards climate-related investments.
The support will also extend to selected commercial banks to strengthen their climate-risk management, disclosure and capacity to expand green lending.
Housing Finance Bank is the first Ugandan commercial lender set to benefit from the technical assistance.
Gloria Namazzi, Country Engagement Specialist for Anglophone and Lusophone Africa of the NDC Partnership, said stronger financial institutions would be critical to mobilising the scale of investment Uganda needs to meet its climate and development priorities.
The initiative is being implemented through EIB Global’s Greening Financial Systems Technical Assistance Programme, financed by the governments of Germany and Luxembourg in coordination with the NDC Partnership.
EU Ambassador to Uganda Jan Sadek said strengthening the financial sector’s ability to direct resources towards sustainable solutions would help turn Uganda’s climate ambitions into tangible benefits for people and businesses.
“The agreement was particularly important because climate change affects not only the environment but also businesses, livelihoods and the stability of the financial system.”
The partnership forms part of the European Union’s wider Global Gateway strategy, which seeks to mobilise public and private investment for sustainable infrastructure and climate action.
The initiative is being implemented through EIB Global’s Greening Financial Systems Technical Assistance Programme, financed by the governments of Germany and Luxembourg in coordination with the NDC Partnership.
EU Ambassador to Uganda Jan Sadek said strengthening the financial sector’s ability to direct resources towards sustainable solutions would help turn Uganda’s climate ambitions into tangible benefits for people and businesses.
“The agreement was particularly important because climate change affects not only the environment but also businesses, livelihoods and the stability of the financial system.”
The partnership forms part of the European Union’s wider Global Gateway strategy, which seeks to mobilise public and private investment for sustainable infrastructure and climate action.