Overview:
During the meeting, Mr Musasizi expressed appreciation for the World Bank's continued support towards Uganda's socio-economic transformation, noting that the institution has remained a key development partner across several sectors.
Kampala — Finance Minister Henry Musasizi has met World Bank Division Director for Kenya, Rwanda, Somalia and Uganda, Mr Qimiao Fan, to discuss Uganda’s key development priorities, improve the implementation of donor-funded projects and strengthen cooperation between the Government and the World Bank.
During the meeting, Mr Musasizi expressed appreciation for the World Bank’s continued support towards Uganda’s socio-economic transformation, noting that the institution has remained a key development partner across several sectors.
“We deeply appreciate the World Bank’s continued partnership and commitment to Uganda’s socio-economic transformation,” Mr Musasizi said.
He said the long-standing partnership has supported investments in transport, agriculture, energy, education, health, water and sanitation, social protection, governance and institutional development, contributing to economic growth and improved livelihoods.
The minister revealed that Uganda’s World Bank-funded portfolio has grown to $4.72 billion but expressed concern over the low project disbursement rate, which currently stands at 32 per cent.
He attributed the poor performance to challenges on both the Government and the World Bank sides and called for closer collaboration to accelerate project implementation.
“We must work together to ensure project performance improves significantly. All World Bank-funded projects should be aligned with the government’s Accelerated Transformation Strategy and its key enablers,” he said.
Mr Musasizi also welcomed the successful conclusion of the new Country Partnership Framework, describing it as a shared roadmap that aligns with Uganda’s development priorities, including domestic revenue mobilisation, investment in productive infrastructure, value addition and export-led growth.
Mr Qimiao, who was accompanied by the World Bank Country Manager, Ms Fransisca Ayodeji Akala, congratulated Mr Musasizi on his appointment as Finance Minister and commended his development agenda.
He said the new Country Partnership Framework is well aligned with Uganda’s tenfold economic growth strategy.
On the issue of low project disbursement, Mr Qimiao cited delayed procurement processes, land acquisition challenges and compensation of project-affected persons as some of the major constraints slowing implementation.
He urged the Government to address these bottlenecks to improve project execution and increase the utilisation of available financing.
The meeting was also attended by the Minister of State for General Duties in the Ministry of Finance, Ms Cissy Mulondo.