With eyes on oil and gas, France pledges USD 3 billion investment in Uganda

February 28, 2024 in Energy, Finance, Hydrocarbons, Investment, Land & Agriculture by Editor

France will invest USD 3 billion over the next three years, targeting the key sectors of agriculture, oil and gas among others. The pledge was announced February 27, by Xavier Sticker, Ambassador Extraordinary and Plenipotentiary of the Republic of France to the Republic of Uganda, during a meeting with General Odongo Jeje Abubakher, Uganda’s minister for foreign affairs.

The money, equivalent to nearly UGX 12 trillion at current exchange rates, will flow into Uganda over the course of the next three years. However, details of when it would start trickling into the economy were not immediately available.

A statement from the ministry of foreign affairs says the investments “will be strategically allocated across key sectors, including but not limited to agriculture and oil and gas, with the aim of fostering sustainable growth and prosperity in Uganda.”

The engagement which was described as “fruitful” focused on ways of enhancing bilateral relations and cooperation between the two countries, in line with “the shared commitment of both nations to further strengthen ties across various sectors of mutual interest.”

While France reaffirmed its commitment to making significant investments in Uganda’s socio-economic development, Uganda expressed its gratitude to France for its “generous investment commitment, which reflects the deep-rooted friendship and partnership between the two nations.”

“This significant contribution will undoubtedly contribute to Uganda’s efforts to achieve its development goals and improve the well-being of its citizens,” Gen. Odongo said.

Both parties committed to maintain constructive engagement and collaboration in pursuit of shared objectives, and further consolidating the strong and enduring partnership between Uganda and France.

Gen. Odongo extended his appreciation to Ambassador Xavier Sticker and the government of France for “their steadfast support and partnership and looked forward to the successful implementation of the envisioned projects.”

The meeting capped a busy day at the ministry during which Gen. Odongo also received copies of credentials from Mrs. Nwanneakolam Vwede-Obahor, the designated Resident Representative of the United Nations Development Programme (UNDP) to Uganda.

Odongo expressed confidence in Mrs. Nwanneakolam Vwede-Obahor’s ability to contribute positively to furthering the partnership between Uganda and the United Nations Development Programme, while the latter expressed her appreciation for the warm reception and hospitality extended to her by the Government and people of Uganda. She pledged to continue supporting Uganda’s efforts, particularly in the areas of refugee response and digital transformation, in line with the UNDP’s mandate to promote sustainable development and poverty eradication.

In related news, Junior minister for foreign affairs in charge of regional cooperation, John Mulimba met with H.E Maria Hakansson, Ambassador of Sweden to the Republic of Uganda.

During the meeting, the two parties “highlighted the importance of maintaining regular engagements to foster closer ties and enhance collaboration on various fronts including political, social and economic relations,” the ministry said in a statement.

Amb. Hakansson informed Hon. Mulimba that Sweden had signed an MoU with the Ministry of Energy and Mineral Development on cooperation in the Mineral Sector.