Uganda joins Afreximbank’s FEDA to strengthen export sector

Uganda has officially joined the Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank).

This milestone expands FEDA’s footprint to 21 member states, further solidifying its role in driving Africa’s economic transformation.

The signing ceremony, held in Kampala on March 6, 2025, marked Uganda’s accession to FEDA, a move aimed at enhancing the fund’s interventions across the continent.

Ambassador Phillip Rukikaire, head of the regional peace and security department at the Ministry of Foreign Affairs, represented the ministry’s permanent secretary, while FEDA’s CEO, Marlene Ngoyi, signed on behalf of the fund. Kudakwashe Matereke, Afreximbank’s Regional Director for Eastern Africa, witnessed the historic occasion.

Speaking at the event, Marlene Ngoyi highlighted the importance of Uganda’s membership: “Uganda’s decision to join FEDA highlights the country’s confidence in our mission and its commitment to driving Africa’s economic transformation, export development, and industrialisation. We look forward to deepening our collaborations with Uganda’s government and private sector to mobilize capital, invest in manufacturing and export sectors, and unlock the region’s immense potential for sustainable development,” Ngoyi said.

Amb. Rukikaire also underscored the significance of this partnership for Uganda, stating: “Today marks a significant milestone in our economic development. By joining FEDA, Uganda is reaffirming its dedication to a prosperous, industrialized Africa driven by intra-African trade. Africa needs more trade, not aid, and this partnership will provide the necessary investment to propel our manufacturing and export sectors forward.”

Uganda’s accession comes amid a wave of new FEDA memberships, boosting the fund’s capacity to provide long-term capital to African economies.

Over the past four years, Afreximbank has approved more than $813 million (sh3 trillion) in financing for Uganda’s public and private sectors, with an additional $1 billion (sh3.6 trillion) in the pipeline.

FEDA was established as Afreximbank’s development impact investment platform to provide equity and quasi-equity investments across Africa. Its core mission is to support businesses involved in intra-African trade, export development, and manufacturing, with a strong focus on industrialization, value-added exports, and regional trade.

As Afreximbank’s impact investment subsidiary, FEDA is dedicated to bridging Africa’s multi-billion-dollar funding gap—particularly in equity financing—needed to transform the continent’s trade sector.

The fund employs a multi-sector investment strategy, targeting financial services, technology, consumer goods, manufacturing, transport, agribusiness, and trade-enabling infrastructure, including industrial parks.