Uganda calls for increased AfDB support for its Ten-Fold Growth Strategy

The 60th Annual Meeting of the African Development Bank (AfDB) and the 51st Annual Meeting of the African Development Fund concluded today in Abidjan, with a strong call from Uganda for increased support for its ambitious ten-fold growth strategy.

The meeting, hosted by the Republic of Côte d’Ivoire, was held under the theme “Making Africa’s Capital Work Better for Africa’s Development.”

Representing Matia Kasaija, the Minister of Finance, the Minister of State for General Duties, Henry Musasizi, highlighted the critical need for the AfDB to bolster Uganda’s economic development plans.

He emphasized the nation’s ten-fold growth strategy, anchored on what he termed “ATMS”: Agro-industrialization, Tourism, Mineral-Based Industrial Development (including Oil and Gas), and Science, Technology, and Innovation (including ICT and the Creatives Industry).

Musasizi further stressed the importance of enabling factors such as infrastructure development, irrigation, industrial park development, human capital development, and lowering the cost of money for the private sector.

He affirmed that these initiatives are closely aligned with the AfDB’s own strategic priorities.

The Minister also expressed his gratitude to the outgoing AfDB President, Dr. Akinwumi A. Adesina, for his decade of leadership and the support he has provided to Uganda during his tenure.

Currently, the AfDB has a significant presence in Uganda, with twenty active (signed) public operations worth USD 2,123.35 million as of the end of April 2025.

A significant portion of this investment is dedicated to the Integrated Transport Infrastructure Services Program, with projects valued at USD 1,619.81 million.

This year’s Annual Meetings marked a significant turning point for the AfDB, as Governors convened to elect the next President of the institution.

The election saw Sidi Ould Tah from Mauritania emerge victorious. Ould Tah, who has served as the President of the Arab Bank for Economic Development in Africa (BADEA) for the past ten years, will assume the role of AfDB President on August 1st, 2025, for a five-year term ending July 30th, 2030.

In addition to the official sessions, Musasizi took the opportunity to meet with Ugandans working within the African Development Bank.

Currently, 78 Ugandan professionals are employed in various capacities within the organization, contributing their expertise to the Bank’s mission of fostering sustainable economic development across the continent.

The Ugandan delegation expressed optimism that the AfDB, under its new leadership, will continue to be a vital partner in supporting Uganda’s ambitious growth agenda and in contributing to the overall development of the African continent.