Uganda courts TDB, J.P. Morgan for long-term funding

KAMPALA. Uganda is seeking affordable, long-term financing from regional and international lenders to support infrastructure development and industrialisation under its Tenfold Growth Strategy.

The Finance Minister, Mr Henry Musasizi, and the Permanent Secretary and Secretary to the Treasury, Mr Ramathan Ggoobi, held talks with the President of the Trade and Development Bank (TDB), Mr Admassu Tadesse, on how the regional lender could help finance Uganda’s economic transformation agenda.

The meeting took place on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand.

The discussions centred on structuring affordable financing to support Uganda’s development priorities, at a time when the government is pursuing investments in transport, energy, agriculture and industrial infrastructure to accelerate economic growth.

TDB is an African regional development finance group with an asset base of $10 billion. It finances trade, regional economic integration and sustainable development, offering short- and long-term financing to governments, financial institutions, companies and small and medium enterprises.

Mr Ggoobi said Uganda needed financing arrangements that considered both the cost and duration of borrowing, emphasising the importance of securing long-term funds for major infrastructure projects.

He identified the proposed Standard Gauge Railway (SGR), electricity generation and transmission, irrigation, industrial park infrastructure and value addition to raw materials as priority areas requiring support.

The government is particularly interested in financing electricity generation and transmission infrastructure, including the proposed Ayago hydropower project, as it seeks to expand energy supply to support industrialisation.

Mr Ggoobi also highlighted irrigation as a priority for stabilising agricultural production, while investment in industrial parks and value addition would help strengthen domestic manufacturing and processing.

He argued that financing conditions should match the long-term nature of the investments Uganda is pursuing, rather than relying on short-term borrowing for projects that take years to complete and generate returns.

Beyond the TDB engagement, Mr Musasizi and Mr Ggoobi also met senior officials of American financial services firm J.P. Morgan to discuss Uganda’s economic priorities and opportunities for strengthening cooperation.

The delegation met Ms Puja Turner, Managing Director and Head of Central and Eastern Europe, Middle East and Africa (CEEMEA) Loans and Structured Credit, and Mr Olivier Eweck, Managing Director for Global Public Sector in Sub-Saharan Africa.

According to the information provided on the meeting, J.P. Morgan’s representatives expressed interest in supporting Uganda’s energy sector.

The engagement provides another avenue for the government to explore financing and investment partnerships as it pursues its Tenfold Growth Strategy, which aims to expand the economy through agro-industrialisation, tourism, mineral development, including oil and gas, and science, technology and innovation.

However, the availability of financing will depend on the terms offered, the bankability of proposed projects and the arrangements reached between Uganda and potential financiers.

For Uganda, securing longer-term and affordable funding will be important in managing the cost of major infrastructure investments while limiting pressure on public finances.

The Bangkok engagements formed part of Uganda’s efforts to mobilise development financing and strengthen partnerships with international financial institutions and investors.