Uganda accedes to Afreximbank investment catalyst FEDA

March 7, 2025 in Business, Finance, Financial Services, Investment, Trade & Industry by Editor

Uganda became the 21^st state to sign to the African Export-Import Bank’s Fund for Export-Development in Africa (FEDA), diversifying the country’s access to patient capital.

Uganda acceded to the Fund’s Establishment Agreement March 6, marking a milestone for the Fund which seeks to support export led growth and industrialisation in Africa.

Signing of the credentials in Kampala, was witnessed by Ambassador Phillip Rukikaire, head of the Regional Peace and Security Department at Uganda’s Ministry of Foreign Affairs, who stood in for Permanent Secretary Vincent Bagiire, Ms Marlene Ngoyi, Chief Executive Officer of FEDA and Mr. Kudakwashe Matereke, Regional Director, Eastern Africa, Afreximbank.

“Uganda’s decision to join FEDA is a testament to the country’s confidence in FEDA’s mission and to its commitment to accelerating Africa’s economic transformation, value-added export development and industrialization. We look forward to deepening our engagements with the Government of Uganda and the private sector to mobilize capital and to invest in the manufacturing and export-related sectors and unlock the immense potential of the region for sustainable development,” Marlene Ngoyi, said.

Ambassador Philip Rukikaire described Uganda’s accession as “a significant milestone in Uganda’s economic development journey.

“By joining FEDA, we reaffirm our dedication to a prosperous Africa, driven by industrialization and intra-African trade. Africa needs more trade than aid, and this partnership will provide the much-needed investment to propel our manufacturing and export sectors forward.”

Uganda’s membership is the latest in a flurry of recent accessions to FEDA. It augments the Fund’s capacity to provide long-term capital to African economies. Over the past four years, the Afreximbank has approved more than USD 813 million in financing for Uganda’s public and private sectors, with another pipeline in excess of USD 1 billion in pending approvals.

FEDA was set up as the development impact investment platform of Afreximbank with a mandate to implement equity investment across Africa. Its primary objective is to provide developmental equity and quasi-equity capital to companies that are involved in intra-African trade and export development, manufacturing in Africa, with a focus on industrialisation, intra-African trade and value-added exports.