World Bank Unveils 10-Year Strategy to Boost Uganda's Prosperity

The World Bank Group (WBG) has committed to supporting Uganda’s development trajectory over the next ten years with its newly endorsed Country Partnership Framework (CPF) for Fiscal Years 2026–2035. This comprehensive 10-year strategy is designed to help Uganda achieve its goal of becoming a modern, prosperous, and competitive upper-middle-income nation by 2040, in line with national development plans.

The core objective of the CPF is to drive economic transformation through the private sector, with a strong emphasis on creating more and better-paying jobs. This is particularly crucial given that Uganda welcomes between 600,000 and 700,000 young individuals into the labour market each year. While Uganda has seen consistent economic growth, the World Bank acknowledges that many citizens remain in low-productivity employment, underscoring the need for structural changes to translate growth into improved living standards and employment outcomes.

The partnership is built upon four key pillars: strengthened economic governance, human capital development, improved connectivity through infrastructure, and a more productive private sector. Under economic governance, the WBG will support reforms to increase domestic revenue mobilization and enhance the management of future oil revenues, with a target to raise non-oil tax revenues to 18 percent of GDP. For human capital, the strategy aims to improve health and education services for millions of Ugandans, enhancing skills and access for underserved populations.

Infrastructure development is central to lowering business costs and improving market access, with plans to significantly expand electricity access and improve transport networks. The private sector pillar focuses on addressing constraints like limited access to finance and complex regulations, aiming to expand financial inclusion and support key sectors such as agribusiness and manufacturing. The WBG’s ‘One World Bank Group’ approach will leverage the combined strengths of the IDA, IFC, and MIGA to mobilize resources and mitigate investment risks, aiming to unlock billions in private investment over the CPF period.

This evolved partnership, with an existing portfolio of $4.74 billion supporting 18 projects, signifies a renewed focus on ensuring Uganda’s growth translates into tangible benefits and a better quality of life for its citizens, primarily through job creation.

Source: Daily Monitor (Uganda)