Latest news with #MatiaKasaija
Zawya
5 days ago
- Business
- Zawya
Uganda says it will borrow $566mln, including from Afreximbank
KAMPALA - Uganda plans to borrow a total of 500 million euros ($568 million) from three lenders including Afreximbank to finance infrastructure development, Finance Minister Matia Kasaija said. Lawmakers on Thursday approved the government request to acquire the loans despite resistance from opposition lawmakers who have criticised the country's growing debt burden. At least 270 million euros will be borrowed from Cairo-based African Export-Import Bank (Afreximbank), while 230 million euros will be jointly lent by Ecobank Uganda and Development Bank of Southern Africa, Kasaija told parliament. He did not give a timeline for when the money will be borrowed. Uganda's total stock of public debt jumped 18% to $29.1 billion last year on the back of increased domestic borrowing, according to the finance ministry. The rising debt triggered a ratings downgrade last year. The government says the borrowings have been used to drive economic growth. ($1 = 0.8811 euros).
Reuters
5 days ago
- Business
- Reuters
Uganda says it will borrow 500 million euros, including from Afreximbank
KAMPALA, May 30 (Reuters) - Uganda plans to borrow a total of 500 million euros ($568 million) from three lenders including Afreximbank to finance infrastructure development, Finance Minister Matia Kasaija said. Lawmakers on Thursday approved the government request to acquire the loans despite resistance from opposition lawmakers who have criticised the country's growing debt burden. At least 270 million euros will be borrowed from Cairo-based African Export-Import Bank (Afreximbank) ( opens new tab, while 230 million euros will be jointly lent by Ecobank Uganda and Development Bank of Southern Africa, Kasaija told parliament. He did not give a timeline for when the money will be borrowed. Uganda's total stock of public debt jumped 18% to $29.1 billion last year on the back of increased domestic borrowing, according to the finance ministry. The rising debt triggered a ratings downgrade last year. The government says the borrowings have been used to drive economic growth. ($1 = 0.8811 euros)
Zawya
25-04-2025
- Business
- Zawya
Uganda Pearl of Africatrade Expo Opens in Malaysia
The Pearl of Africa Business Forum and Expo has opened in Kuala Lumpur, Malaysia, with Uganda set on securing trade and investment potential of around USD 5 billion over the next five years. A high powered delegation led by the Finance Minister Hon. Matia Kasaija, comprises Energy Minister Hon. Ruth Nankabirwa, Agriculture Minister in charge of Animal Husbandry, Hon Bright Rwamirama, Uganda's High Commissioner to Malaysia, Amb Betty O. Bigombe, Chamber of Commerce- President Olive Kigongo, Senior Presidential Adviser on Exports-Mrs. Susan Muhwezi and Chief of Protocol, Amb Charles Ssentongo, The opening ceremony was graced by Hon. Yang Bhg Muhtar Hashim, the Executive Director of the Chemical Industries Council of Malasyia. Muhtar informed the audience of the immense opportunities that Malaysia will tap into the various to drive trade between the two countries. Speaking at the same Ceremony, Hon. Matia Kasaija said Uganda has a conducive climate investment that supports the most important needs of investors across board, including the legal framework. Ruth Nankabirwa, the Energy Minister said Uganda continues to attract investment in the oil and gas sector. 'Our policy is not to export any raw materials, so there is plenty of investment opportunities in mineral processing' adding that Uganda has a number of minerals and areas of investment. 'Our iron ore is the best in the world, we have copper, oil, gold, several other minerals and are looking for investors in the sector,' Nankabirwa added. Ambassador Betty Bigombe said the Trade and Investment Forum reflected our mutual commitment to deepening economic, trade, and investment ties between Uganda and Malaysia. 'Today is more than just a business forum; it is a bridge between nations, between opportunity and ambition, and between vision and action.' Bigombe gave rousing remarks about Uganda, which she said was blessed with vast natural resources, a youthful and energetic population, and a stable and liberalized economy. 'Uganda is strategically positioned as a gateway to the East African Community (EAC), a vibrant market of over 300 million consumers, and to the Common Market for Eastern and Southern Africa (COMESA). Investors who choose Uganda will not just invest in one country; rather, they will access an entire regional market full of opportunity and potential.' This Expo is themed 'Unlocking Uganda's Business Potential,' with a focus on five high-impact sectors that are central to our national development strategy: agro-industrialisation, tourism development, oil and gas, science and technology, and mineral development. In agro-industrialisation, Bigombe said Uganda's fertile land and diverse agricultural outputs provide immense opportunities for value addition, agro-processing, and export-driven agribusiness. In tourism, she invited investment in eco-lodges, hospitality services, and tourism infrastructure to harness the potential of Ugandan national parks, including Kidepo Valley, Queen Elizabeth, Murchison Falls, and the breath-taking Rwenzori Mountains. In the oil and gas sector, Uganda has made great strides, and several bankable projects are ready for investors. These include the East African Crude Oil Pipeline (EACOP), the development of an oil refinery in Hoima, and the construction of logistics hubs to support the petroleum value chain. In science and technology, Uganda is driving digital transformation and innovation through ICT parks, youth innovation hubs, and the local assembly of tech devices. In mineral development, Uganda is richly endowed with gold, cobalt, rare earth elements, and more, and we welcome investors for sustainable and value-added exploitation. Amb. Bigombe highlighted Uganda Investment Authority's role in establishing a one-stop center to facilitate investors with licenses, land, tax advisory, and regulatory support. Uganda permits 100% foreign ownership in most sectors, guarantees repatriation of profits, and offers tax holidays, customs exemptions, and infrastructure support for priority areas. Furthermore, the UIA has also profiled over 120 bankable investment projects, spanning road infrastructure, tourism sites, agribusiness parks, and industrial parks across the country. The two-day forum has attracted a number of private investors from Uganda and Malaysia. Distributed by APO Group on behalf of The Republic of Uganda - Ministry of Foreign Affairs.
The Star
24-04-2025
- Business
- The Star
'Calling South-East Asia, Uganda invites you': Thriving African nation showcases investment and trade potential at business expo in KL
KUALA LUMPUR: The 'Uganda the Pearl of Africa Business Forum and Expo 2025', held at the Renaissance Hotel in Kuala Lumpur, concluded on a high note, spotlighting Uganda's robust yet cautious economic growth across its most dynamic sectors. As one of the fastest-growing nations on the African continent, Uganda used this platform to present a compelling case for investment and collaboration—beginning with Malaysia. The inaugural two-day event drew participation from government officials, industry leaders, business chambers, and investors from both nations. It ended with a firm resolution to chart a stronger course for bilateral trade ties and sustainable economic partnerships between Malaysia and Uganda. Several key ministers were in Kuala Lumpur to reel in investment from Malaysia, offering opportunities for greater collaborations between the two countries. Uganda's Minister of Finance and Economic Development, Matia Kasaija was joined by a high-level ministerial delegation including Ruth Nankabirwa Ssentamu, Minister of Energy and Mineral Development; Frank Tumwebaze, Minister of Agriculture, Animal Industry and Fisheries; and Henry Oryem Okello, State Minister for Foreign Affairs (International Affairs). Malaysian Agriculture and Food Security Minister Datuk Seri Mohamad Sabu officiated a gala dinner held to celebrate the two countries' friendship and trade relationship. In his remarks during the forum's official dinner, Mohamad said: 'We are truly honoured to host this significant event—one that lays a solid foundation for deeper economic engagement, enriched people-to-people connections, and enduring collaboration. Let us go beyond the US$358.13 million in trade recorded last year and build on the strengths we share.' Uganda's Minister Kasaija summed up the forum's core message with a direct call to action: 'Come and see Uganda for yourself. Seeing is believing. Too often, Africa is painted with a broad brush. Uganda is a peaceful, vibrant, and fast-growing country. We are here to show you the truth,' said Kasaija. Earlier in the day, at the launching event, Malaysia was represented by Datuk Muhtar Hashim, Executive Director of the Chemical Industries Council of Malaysia, who reflected on the opportunities ahead: 'Uganda reminds us of Malaysia's own early industrial journey. There's a clear path—from raw resources to value-added industries. We see significant opportunities, particularly in renewable and sustainable sectors.' Uganda's High Commissioner to Malaysia Her Excellency Dr. Betty Oyella Bigombe, the main proponent of the event, said that Malaysia and Uganda can achieve much with the right framework and support from all stakeholders of common industries. The forum highlighted Uganda's diverse and fast-evolving sectors, ranging from agriculture and agro-processing to mining, manufacturing, and energy. All of these are underpinned by a commitment to long-term sustainability and regulation. Ruth Nankabirwa shared that oil drilling has commenced, with plans for refinery development and announcements of new exploration blocks expected soon. Uganda is also actively opening its energy sector to private sector participation, particularly in solar, geothermal, and nuclear energy. 'We are moving forward on the strength of a regulatory framework that is among the best in Africa,' she said. In the agro-sector, Uganda showcased high-potential commodities such as vanilla, coffee, cocoa, bananas, and even palm oil, positioning itself as a strong trade partner for Malaysia's own agribusiness networks. Datuk Irwin Cheong, Co-founder of the World-One Business Federation and the driving force behind the forum's organization, closed the dinner reception with a note of appreciation: 'This forum and expo is a celebration—not just of shared opportunity, but of shared purpose. We hope the conversations started here will continue, deepen, and take root in tangible collaboration.' The two-day event featured Government-to-Government (G2G) and Business-to-Business (B2B) sessions, with meetings with Deputy Minister of Investment, Trade and Industry (MITI) Liew Chin Tong and the Malaysian Investment Development Authority (MIDA), as well as industry players from both nations. The forum also touched on logistical and connectivity enhancements, including planned direct flight routes and improved regional access. Another tantalising offer Uganda is offering the world is tourism and Ruth Nankabirwa promised nature lovers that vising their country is an experience no will ever forget and something to cherish all their life. Uganda are also famed for their amazing dedication in preserving their wildlife and in recent times, they have recorded ten fold growth in their efforts, including the big increase in the numbers of lions and rhinoceros once almost reaching extinction at one stage. "Come and see our country. Our economy is rising fast but at the same time we love our wildlife. They have always been our treasure. Tourists are bound to have an amazing and unforgetablleexperience when they visit out country. With strong political will, enthusiastic business participation, and a spirit of mutual respect and trust, the Uganda Pearl of Africa Business Forum and Expo 2025 has firmly established itself as a launchpad for deeper bilateral collaboration—and a fresh look at East Africa's emerging promise.
