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Germany grants Uganda 50 million euros

By , based on PML Daily

Germany grants Uganda 50 million eurosIllustrative image · Cencial _ · Pexels · Licence Pexels

Germany is providing Uganda with an additional 50 million euros to finance energy, water access and rural development projects. The agreement is intended to support agro-industry, electricity and climate adaptation, as Kampala seeks more German investment, according to the German embassy in Uganda and the Ugandan Finance Ministry.

Germany has committed a further 50 million euros, or about 240 billion Ugandan shillings, to finance projects in energy, water and rural development in Uganda. The agreement was concluded at the end of biennial discussions between the two governments that opened on Monday in Kampala, according to a statement published on Tuesday by the German embassy.

The projects envisaged include an investment in water security on the Enyau River, access to electricity in the West Nile region, climate-resilient agro-industry and the SCALE local economic development programme in the north of the country. Uganda wants this funding to support its tenfold growth strategy, which aims for a 500 billion dollar economy by 2040, according to Ramathan Ggoobi, permanent secretary at Uganda’s Ministry of Finance.

Joachim Schmitt, head of the Central and East Africa division at Germany’s Federal Ministry for Economic Cooperation and Development, called for more private capital to be mobilised. The embassy said that DEG, the private-sector financing arm of Germany’s public KfW bank, had already invested more than 100 million euros in Ugandan companies, while funds backed by German guarantees had mobilised a further 250 million euros.

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