Uganda will receive more than two billion U.S. dollars in new concessional financing from the World Bank over the next three financial years to support the East African country’s development agenda, a senior government official said Tuesday, according to Xinhua News Agency reported.
Ramathan Ggoobi, permanent secretary and secretary to the Treasury at the Ministry of Finance, Planning, and Economic Development, said the financing is part of renewed World Bank support to strengthen infrastructure, agriculture, education, and social protection, among other key sectors.
“The World Bank will disburse over two billion dollars of new money to finance our development. The current total investment stands at 4.9 billion dollars,” Ggoobi said in a statement.
According to the statement, the funds will be directed toward projects such as roads and bridges construction, electricity transmission and last-mile distribution, regional infrastructure, education, information technology, agriculture, irrigation, export guarantees, skills development, and social protection.
Ggoobi said the International Finance Corporation, the private sector arm of the World Bank Group, will also provide long-term capital to private investors in minerals, renewable energy, agro-industrialization, science, and innovation, as well as co-invest with the government in state-owned enterprises.