African Development Bank Group (AfDB) has vowed to continue supporting Uganda to achieve its development goals. 

Dr Kevin Kariuki, AfDB’s vice president for power, energy, climate and green growth, made the promise while paying a courtesy visit to finance minister Matia Kasaija at his office in Kampala on Tuesday, January 30. 

“Kariuki on behalf of AfDB pledged to continue working closely with the Government of Uganda to achieve its development goals,” the finance ministry said on X, formerly Twitter. 

It also said that the duo discussed the performance of AfDB’s portfolio in Uganda, the performance of the economy and issues causing delays in the implementation of some projects.

Dr Kevin Kariuki, AfDB’s vice president for power, energy, climate and green growth, made the promise while paying a courtesy visit to finance minister Matia Kasaija at his office. (Courtesy photo)

“Kasaija thanked the bank for supporting Uganda, especially in the area of infrastructure development (roads and energy). The minister said Uganda’s economy has remained resilient and is recovering from external and domestic shocks,” it said. 

The ministry added that Uganda’s economy is projected to grow at 6% in the financial year 2023/24 and 6.4% in the financial year 2024/25 at an average of 7% in the medium term. 

AfDB says on its website that Uganda is a low-income country that has made tremendous socio-economic progress and invested heavily in infrastructure during the past three decades.  

“The country has progressed towards macroeconomic stability, consolidated peace and security, and reduced poverty from over 50% in the 1990s to about 20% in 2020,” it says. 

It says among important gains are rising life expectancy at birth, declining maternal mortality rates, and improving literacy rates for youth. 

“The stable environment has led to periods of high growth, shifting the economy towards industry and services, and increasing employment in those sectors.  However, more recently, growth trends have slowed to 4.9% (2016-20), down from 5.4% (2011-15),” the bank says.

In December 2023, AfDB approved a loan of $252.83 million (about sh964bn to Uganda, to fund the construction of the Laropi-Moyo-Afoji and Katuna-Muko-Kamuganguzi road.

As of November 2023, AfDB's active portfolio in Uganda comprised 23 projects with a total commitment of $1.957bn.