Afreximbank and Uganda Development Bank Partner to Boost Industrialization

The JPPF will provide early project preparatory financing and technical support to both public and private sector entities in Uganda.

The African Export-Import Bank (Afreximbank) and the Uganda Development Bank (UDB) have signed a Joint Project Preparation Facility (JPPF) Framework Agreement aimed at enhancing Uganda’s industrialization and export development. The agreement was signed on June 14, 2024, in Nassau, The Bahamas, by Mrs. Kanayo Awani, Executive Vice President of Afreximbank, and Mr. Samuel Edem Maitum, Director of Credit at UDB.

The JPPF will provide early project preparatory financing and technical support to both public and private sector entities in Uganda. This initiative is designed to accelerate investment in key sectors such as energy, transport and logistics, special economic zones, manufacturing, agro-processing, hospitality and tourism, mining, and service sectors.

The facility aims to de-risk projects and advance them from concept to bankability by funding feasibility studies, project development, advisory services, and related costs. Afreximbank and UDB plan to mobilize up to US$25 million for this purpose.

Mrs. Awani emphasized the importance of the JPPF in overcoming challenges associated with moving viable projects to financial closure. “This partnership will help us prepare high-quality, bankable projects to attract both public and private sector investments,” she said.

Mr. Maitum highlighted that many transformative projects in Uganda remain unimplemented due to a lack of technical and financial support. He expressed optimism that the JPPF will unlock these projects and enable the flow of capital into them.

The agreement is expected to accelerate economic growth in Uganda by boosting private sector investments and positioning the country as an attractive investment destination through a steady stream of investment-ready projects.