Uganda has officially joined the Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank), marking a significant milestone in the Fund’s expansion across the continent. With Uganda’s accession, FEDA now has 21 member states, further solidifying its role in driving Africa’s economic transformation.
The signing ceremony, held in Kampala, was attended by Ambassador Phillip Rukikaire, Head of the Regional Peace and Security Department at Uganda’s Ministry of Foreign Affairs, representing the Permanent Secretary. Also present were Mrs. Marlene Ngoyi, Chief Executive Officer of FEDA, and Mr. Kudakwashe Matereke, Regional Director for Eastern Africa at Afreximbank, who witnessed this historic event.
FEDA is the impact investment subsidiary of Afreximbank, established to bridge the multi-billion-dollar equity funding gap in Africa’s trade sector.
Mrs. Marlene Ngoyi, CEO of FEDA, emphasized the importance of Uganda’s membership, stating:
“Uganda’s decision to join FEDA reflects its confidence in our mission and commitment to accelerating Africa’s economic transformation, value-added export development, and industrialization. We look forward to collaborating with the Government of Uganda and the private sector to mobilize capital and invest in key manufacturing and export sectors, unlocking the region’s vast potential for sustainable development.”
Ambassador Rukikaire highlighted the significance of this partnership:
“Today marks a crucial step 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 essential investment to propel our manufacturing and export sectors forward.”
Uganda’s accession follows a wave of recent memberships in FEDA, strengthening the Fund’s ability to provide long-term capital to African economies. Over the past four years, Afreximbank has approved over $813 million in financing for Uganda’s public and private sectors, with a pipeline exceeding $1 billion in pending approvals.
