Oboth calls for flexible, affordable World Bank financing

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The Speaker of Parliament, Jacob Marksons Oboth, has commended the World Bank Group for its long-standing partnership with Parliament, which he said has broadened Members’ understanding of global financing and monetary policy.

While hosting the World Bank Country Manager for Uganda, Dr Francisca Ayodeji Akala and her team on Thursday (Nov 5th), Oboth urged the Bank to remain accessible, flexible and to continue offering affordable financing.

“That is our expectation: that the most accessible and generous financing still remains the World Bank,” he said.

The Speaker of Parliament, Jacob Marksons Oboth, hosting the World Bank Country Manager for Uganda, Dr. Francisca Ayodeji Akala and her team on Thursday (November 5th). (Courtesy photo)

Flanked by the leadership of the Budget Committee, Finance and Public Accounts (Central) committees, the Director Finance in Parliament and the Clerk to Parliament, the Speaker also reaffirmed Parliament's commitment to strengthening engagement with development partners, including the World Bank, in advancing Uganda’s development priorities.

A release from his office stated that the Speaker also revealed plans to fast-track all World Bank–funded projects stalled by lengthy government approval and procurement processes.

“Such stalled projects are affecting our country's development agenda. As Parliament, we reaffirm our commitment to strengthening engagement with development partners, including the World Bank, in advancing Uganda’s development priorities,” Oboth said.

Speaker Oboth said the delays had long been a concern for Parliament, citing the Electricity Access Scale-up Project (EASP), which he said has run since 2022/23 without power reaching the intended beneficiaries.

“Both parties are in this boardroom, and we agree. So why is it taking so long? It has become a blame game,” the Speaker said.

He directed the relevant committees to engage the Bank and Government to resolve the bottlenecks promptly, and announced that he will convene a meeting bringing together the Prime Minister, the World Bank Group and the relevant Government teams.

“Parliament is open to dialogue. We look forward not to a stalemate, but to progress,” Oboth said.

He also requested the World Bank team to engage more with the Prime Minister’s office and the Members of Parliament to understand the institution’s critical role in Uganda’s development.

Commitment

Dr. Akala saluted the Speaker for the reception, indicating that the Bank aligns not only with Government but also with Parliament, the private sector and the people of Uganda.

“The World Bank Group brings not just financing, but also knowledge and engagement with the private sector,” she said.

She explained that the Group operates through three arms: the International Development Association (IDA), which provides concessional financing, grants and technical assistance; the International Finance Corporation (IFC), which offers investment and advisory support to the private sector; and the Multilateral Investment Guarantee Agency (MIGA), which provides guarantees and political risk insurance.

The Speaker of Parliament, Jacob Marksons Oboth posing for a photo with the World Bank Country Manager for Uganda, Dr. Francisca Ayodeji Akala. (Courtesy photo)

The Bank’s support, she added, is increasingly focused on job creation, especially for young people. “Our ambition, working together with Government, is to have more and better jobs, supported by stronger institutions, human capital and infrastructure,” she said.

She, however, raised concern over delays in the approval of Bank-funded projects and in procurement and contract management, which she said slow down implementation.

“Some of these things take long because there is a lengthy approval process. Procurement in Uganda takes close to 600 days,” Akala said.