World Bank

Sri Lankan Economic crisis should be an eye-opener for the developing countries

by CEO ReporterNews & AnalysisThought LeadershipJuly 4, 2022July 4, 2022

By Nathan WereThe island nation of Sri Lanka is not poor. Its per capita GDP – when adjusted for purchasing power – is higher than South Africa, Peru, Egypt, and Indonesia. However, the country now faces its worst economic and social crisis since its independence in 1948. The financial system…

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Bidders resort to blackmail as KCCA selects contractors for $288m AfDB road projects

by CEO ReporterCompany NewsNews & AnalysisJuly 12, 2021July 12, 2021

As the team at Kampala Capital City Authority (KCCA) enters the final stage of evaluating contractors for upcoming road projects, some bidders, afraid of the process, have resorted to blackmail.The KCCA is in the final stages of awarding contracts for over five city roads, including Sir Appollo Kaggwa, Sentema, Seventh…

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Ugandan Takes Senior Position at World Bank

by CEO ReporterThought LeadershipMay 31, 2021May 31, 2021

Uganda’s Emmanuel Nyirinkindi has been appointed to a senior job at the World Bank is an endorsement for locally bred capabilities and professionals.Nyirinkindi was last week appointed the vice president of Cross Cutting Solutions at the International Finance Corporation (IFC), a member of the World Bank group focusing on the…

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Gov’t to Secure UGX1.4 Trillion from World Bank for Electricity Connections

by URNFinanceFebruary 4, 2021February 4, 2021

The government is in advanced stages to secure UGX1.4 Trillion from the World Bank to support the free Electricity Connections Policy (ECP).   According to the Minister of Energy and Mineral Development Mary Goretti Kitutu, the money expected to be obtained at the beginning of the financial year 2022/2023 is one…

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New World Bank Country Director for Uganda, Kenya, Somalia & Rwanda to lead a multi-country portfolio worth US$13b

by Samuel MuhimbaCompany NewsFinanceSeptember 10, 2020September 10, 2020

The World Bank has appointed Keith Hansen as the new Country Director for Uganda, Rwanda, Somalia, and Kenya effective September 8, 2020.Hansen who will be based in Nairobi, Kenya takes over from Carlos Felipe Jaramillo, who has since been appointed as the Vice President for the Latin America and the…

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Uganda Receives UGX117bn COVID-19 Loan from African Development Fund

by URNFinanceJuly 27, 2020

Uganda has received a US$ 31.6m (UGX116.7 billion) loan from the African Development Fund (ADF) to help in the response to the Coronavirus (COVID-19) pandemic. In a statement sent out on Sunday afternoon, the ADF, which is a concessional funding arm of the African Development Bank Group, said the “funds…

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MPs Demand Accountability For Funds Spent on Locust Fight

by URNFinanceJuly 22, 2020

Members of Parliament on the Committee on Agriculture want the government to account for funds spent in the fight against locusts. Uganda has spent more than UGX267 billion in loans and donations to fight locusts that ravaged some parts of East and Central Africa and some areas in Uganda. Although…

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Election Uncertainty Could Delay Economy Recovery – Stanchart

by URNFinanceJuly 20, 2020

The uncertainties surrounding the February 2021 polls could slow Uganda’s recovery from the battering by the Coronavirus pandemic as investors withhold investments until after the polls. According to the Standard Chartered Bank country briefing, there is an expected increase in spending in the run-up to 2021 which should boost economic…

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World Bank Calls for Scrapping of OTT Tax

by URNFinanceJuly 11, 2020July 11, 2020

The World Bank has called for the scrapping of over-the-top tax-OTT. It argues that the move could boost access to coronavirus prevention messages for the vulnerable populations.This is the first the organization, a big lender to government, to be openly calling for the abolition of the tax. The World Bank says…

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Uganda May Not Produce Oil Until 2025 – World Bank

by URNFinanceJuly 9, 2020July 9, 2020

Uganda’s dream to be an oil-producing country may not be realized until 2025, the World Bank has said.In its Economic Update report, the bank says “the sharp decline in world oil prices resulting from the COVID-19 crisis could delay oil sector investments in the medium term and oil production beyond…

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