Uganda becomes 21st member of Fund for Export Development in Africa, expanding African trade ties

KAMPALA, Uganda — Uganda has joined the Fund for Export Development in Africa (FEDA), becoming the 21st member state of the African Export-Import Bank’s (Afreximbank) development impact investment arm.

The signing of the Instrument of Accession took place in Kampala, with Ambassador Phillip Rukikaire representing the Ugandan government.

Marlene Ngoyi, CEO of FEDA, hailed Uganda’s accession as a significant milestone. “Uganda’s decision to join FEDA is a testament to the country’s confidence in FEDA’s mission and to its commitment to accelerating Africa’s economic transformation, value-added export development and industrialization,” she said.

Ambassador Rukikaire emphasized Uganda’s dedication to regional cooperation and economic integration. “Today marks a significant milestone in Uganda’s ongoing commitment to regional cooperation and economic integration within our continent,” he stated.

Vicent Bagiire Waiswa, Permanent Secretary at the Ministry of Foreign Affairs, said Africa requires more trade than aid. “By joining FEDA, we reaffirm our dedication to the shared vision of a prosperous Africa, united in its pursuit of sustainable development and increased intra-African trade. Africa needs more trade than aid,” he said.

Waiswa commended the founding members of FEDA and Afreximbank for their efforts in boosting intra-African trade. He pledged Uganda’s commitment to contributing to FEDA’s mission. “We are mindful that this accession is not an end in itself, but rather the beginning of a journey that will require continued dedication, mutual understanding, and commitment to our shared objectives. In the spirit of Pan-African solidarity, we pledge our full support to FEDA’s initiatives and express our readiness to collaborate closely with all member states in pursuit of our common goals,” he added.

Odrek Rwabogo, chairman of the Presidential Advisory Committee on Exports and Industrial Development (PACEID), emphasized the need for trade to bridge the gap between Africans. “How does Africa stop fearing trading with each other?, there has to be a bridge between me and an Igbo of Nigeria. How do I create a bridge that was destroyed from 1498 to date, even when we had independence, that bridge remains shaky. It is trade. Trade has to be facilitated,” he said.

Uganda’s membership comes as FEDA seeks to provide long-term capital to African economies. Over the past four years, Afreximbank has approved over $813 million in financing for Uganda’s public and private sectors. FEDA has $1 billion available for deployment in member countries, including Uganda, to support private-sector growth.