RIYADH: Finance Minister Matia Kasaija, attending the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, Saudi Arabia (April 27–30, 2024), finalized a significant financing agreement with the President of the Islamic Development Bank Group, Dr. Muhammad Al Jassar, amounting to USD 295 million. The agreement aims to facilitate the upgrading of Uganda’s national road infrastructure.
In a statement posted on the Ministry of Finance’s Twitter handle, Kasaija outlined the allocation of the funds, emphasizing their utilization for the construction of key road projects. He noted, “This funding will go towards the construction of Masindi-Port Bridge where the ferry crosses River Nile & connects to Renkunye-Apac-Lira road. The other road project is Kyenjojo-Kihura-Bwizi-Rwamwanja-Kahunge(68km)/Mparo-Bwizi (37km) road which connects Kamwenge town to Kampala Fort Portal highway.”
Expressing gratitude for the ongoing partnership between Uganda and the Islamic Development Bank Group, Kasaija acknowledged the institution’s pivotal role in the region. He specifically highlighted the establishment of a regional hub in Kampala as a testament to their commitment. Kasaija assured, “I want to affirm that we shall fulfill our obligations under the agreement.”
The Islamic Development Bank Group has emerged as a crucial contributor to Uganda’s development, ranking as the third-largest multilateral donor to the country. With over 20 percent support in vital sectors such as roads, energy, and education, its impact on Uganda’s socio-economic landscape is substantial.
In addition to the financing agreement, Kasaija also signed a framework agreement with the Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank Group, aimed at facilitating trade activities within Uganda. This further underscores the comprehensive nature of the collaboration between Uganda and the Islamic Development Bank Group.
Closing his remarks, Kasaija reiterated Uganda’s appreciation for the support extended by the Islamic Development Bank Group over the years across various sectors. He expressed the government’s commitment to leveraging such partnerships for the continued development of the country, stating, “We shall continue knocking on your doors for more concessional financing to develop our country.”
