Uganda, Japan Bank sign MoU to boost financial cooperation

Uganda has taken a major step to strengthen its financial and development ties with Japan after Minister of State for Planning, Amos Lugoloobi, signed a landmark memorandum of understanding (MOU) with Mr. Nobumitsu Hyashi, Governor of the Japan Bank for International Cooperation (JBIC), during the 9th Tokyo International Conference on African Development (TICAD9) in Yokohama, Japan.

The MOU aims to deepen financial cooperation between Uganda and JBIC, while promoting environmental preservation and social sustainability. It also encourages Japanese companies to play a key role in structuring and supporting development projects across Uganda.

A central focus of the partnership is improving access to financing for infrastructure, particularly road development. Notably, over 1,000 pieces of road equipment were procured under a previous JBIC loan in 2017, highlighting the tangible impact of the collaboration on Uganda’s transport sector.

At a TICAD9 side event organized by the African Development Bank (AfDB) and the Japan External Trade Organization (JETRO), Minister Lugoloobi showcased Uganda’s investment potential. He highlighted opportunities in commercial agriculture and agro-processing, manufacturing and industrial parks, tourism infrastructure, mining, and other critical sectors.

“The MOU with JBIC is not just about funding; it is about building sustainable partnerships that will drive Uganda’s socio-economic development while adhering to environmental and social safeguards,” Minister Lugoloobi said.

The signing reflects Uganda’s continued efforts to attract strategic international partnerships to support infrastructure, industrialization, and economic growth, while leveraging Japan’s expertise in financing, technology, and project management.