Uganda Joins Afreximbank’s Fund

Saturday, March 8, 2025

KAMPALA, Uganda – Uganda has solidified its commitment to economic transformation and regional trade integration by joining the Fund for Export-Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank). As the 21st member state to accede to FEDA, Uganda is now positioned to leverage long-term capital for industrialization, export expansion, and economic diversification.

The formal signing ceremony in Kampala was attended by senior government officials and representatives from Afreximbank. Among the key figures present were Ambassador Phillip Rukikaire, Head of the Regional Peace and Security Department at Uganda’s Ministry of Foreign Affairs, who represented the Permanent Secretary, alongside Mrs. Marlene Ngoyi, Chief Executive Officer of FEDA, and Mr. Kudakwashe Matereke, Regional Director for Eastern Africa at Afreximbank.

Mrs. Ngoyi emphasized the significance of Uganda’s decision to join FEDA, stating, “Uganda’s decision to join FEDA reflects its confidence in our mission and its commitment to accelerating Africa’s economic transformation, value-added export development, and industrialization. We look forward to working closely with the Ugandan government and private sector to mobilize capital, invest in key sectors, and unlock the immense potential of the region for sustainable development.” She reiterated that collaboration with the Ugandan government and private sector would be instrumental in mobilizing capital and driving investment in manufacturing and export-related industries.

Ambassador Rukikaire underscored the broader implications of this strategic move, stating, “Today marks a crucial milestone in Uganda’s economic journey. By joining FEDA, we reaffirm our commitment to a prosperous Africa driven by industrialization and intra-African trade. Africa needs more trade than aid, and this partnership will provide the necessary investment to propel our manufacturing and export sectors forward.” He stressed that this partnership would serve as a catalyst for strengthening Uganda’s manufacturing and export sectors, thereby enhancing economic resilience and competitiveness on the global stage.

Uganda’s inclusion in FEDA comes at a pivotal moment as the Fund continues to expand its footprint across Africa. The growing number of participating member states reinforces FEDA’s capacity to provide targeted financing solutions that drive sustainable industrialization and trade-led economic growth. Over the past four years, Afreximbank has approved over $813 million in financing for Uganda’s public and private sectors, with an additional $1 billion pipeline of pending approvals. These investments are poised to accelerate the country’s development agenda by supporting infrastructure, industrial projects, and cross-border trade initiatives.

FEDA was established to catalyze equity investments in businesses engaged in intra-African trade, export development, and manufacturing. Its core focus areas include industrialization, value-added exports, and economic diversification. By channeling capital into high-impact sectors, FEDA plays a pivotal role in fostering financial inclusion, supporting enterprise growth, and enhancing Africa’s global trade positioning.

Uganda’s accession to FEDA further aligns with the objectives of the African Continental Free Trade Area (AfCFTA), reinforcing its commitment to intra-African economic cooperation. As Uganda deepens its integration into the continental trade ecosystem, it stands to benefit from increased capital inflows, enhanced job creation, and strengthened regional economic linkages.

This move reflects Uganda’s proactive approach to leveraging strategic partnerships for long-term economic prosperity. With Afreximbank’s support, the country is well-positioned to fortify its industrial base, amplify its export potential, and establish itself as a key player in Africa’s evolving trade and investment landscape. FEDA’s continued expansion signals a dynamic shift in the continent’s economic trajectory, with Uganda’s participation serving as a testament to the opportunities that lie ahead.