World Bank reinstates Uganda’s access to new lending

By Ritah Kemigisa

The World Bank has confirmed that it has reinstated Uganda’s access to new lending.

The revelation has been made by the World Bank Country Manager Christina Malmberg while addressing a joint news conference with the Secretary to the Treasury Keith Muhakanizi.

She says the decision follows progress that has been witnessed in terms of management of portfolio of active World Bank projects.

In August last year, The World Bank Group took a decision to withhold new lending to Uganda citing delays in project implementation, lack of effectiveness, weaknesses in safeguards, monitoring and enforcement and low disbursement.

The World Bank Groups portfolio in Uganda is worth close to 3billion US dollars in credit, grants and guarantees covering national and regional operations.