Uganda has reaffirmed its commitment to deepening economic cooperation with the European Union as the two sides seek to attract more investment, expand trade and accelerate private-sector growth.
Finance, Planning and Economic Development Minister Henry Musasizi said Uganda values its longstanding relationship with the EU and wants the partnership to deliver tangible benefits, including jobs, exports and sustainable economic growth.
Musasizi made the remarks during a meeting with a European Union delegation led by the EU Ambassador to Uganda, Jan Sadek.
“I have reaffirmed Uganda's commitment to strengthening its partnership with the European Union to attract investment, expand trade, support private-sector growth and accelerate economic transformation,” Musasizi said.
The engagement comes as Uganda and the European Union mark 50 years of partnership, with cooperation increasingly shifting beyond traditional development assistance towards investment, infrastructure, trade, energy, climate finance and private-sector development.
Musasizi said Uganda was looking forward to strengthening cooperation in areas that can support economic transformation and expand opportunities for Ugandans.
Sadek reiterated the EU’s commitment to working closely with the Ministry of Finance, describing it as the bloc’s primary counterpart for development cooperation in Uganda.
According to the EU envoy, cooperation between Uganda and the European Union is focused on sustainable and inclusive growth and jobs, governance and social inclusion, as well as connectivity under the EU’s Global Gateway strategy.
Through Global Gateway, Team Europe is investing about €1.4 billion in Uganda’s private-sector development. Approximately €300 million of the funding is in grants targeting access to finance, skills development, improvement of the business environment and productive infrastructure.
Energy also featured prominently in the discussions, with the rehabilitation of the Nalubaale and Kiira hydropower plants highlighted as a major Team Europe project.
The initiative has a €170 million financing package, including €30 million in EU grants and concessional loans from the European Investment Bank and the French Development Agency.
The rehabilitation is expected to extend the operational life of the two strategic renewable energy facilities by at least 30 years.
The officials also discussed climate finance, particularly Uganda’s preparations to issue its first sovereign green bond.
The EU expressed interest in supporting Uganda’s readiness for the planned issuance and exploring ways to use the bond to mobilise international private capital for sustainable investments.