The Chairman of the Presidential Advisory Committee on Exports and Industrial Development (PACEID) Odrek Rwabwogo has welcomed the idea of Uganda joining the Fund for Export Development in Africa (FEDA), a development impact investment arm of the African Export-Import Bank (Afrexim) noting that it is a game changer in the trade landscape of the region.
Today, Thursday, March 6, 2025, Uganda signed the agreement to join and expand FEDA’s presence to 21 member states, reinforcing its role as a key player in shaping Africa’s economic future. FEDA aims to boost intra-African trade and promote economic growth.
FEDA CEO Ms. Marlene Ngoyi with Ambassador Philip Rukikaire, Head of Regional Peace and Security Department at the Ministry of Foreign Affairs, Uganda
The official signing ceremony of the FEDA Accession Instruments was held at the Ministry of Foreign Affairs in Kampala. The event was attended by Ambassador Phillip Rukikaire, Head of Regional Peace and Security Department at the Ministry of Foreign Affairs, Uganda, who was representing the Permanent Secretary, Ministry of Foreign Affairs, and Mrs. Marlene Ngoyi, Chief Executive Officer of FEDA. Mr. Kudakwashe Matereke, Regional Director, Eastern Africa, Afreximbank, witnessed this historical event.
Rwabwogo expressed his optimism for this momentous step towards further integrating the continent’s economies. He highlighted the importance of trade as a bridge between Uganda and other African countries like Nigeria, emphasizing the need for the facilitation of trade. “Our target at PACEID is USD 6 billion, but in 30 years we aim at USD 100 billion worth of exports. We cannot get that money unless we have FEDA and industrial parks, not the type we have. Aggregation parks where we can deal in primary production, processing, handling market, and transportation so that sesame from Amuru is delivered to Dubai in the right quantity, at the right time with the right equipment between the final farm and the final consumer.”
Commenting at the ceremony, Mrs. Marlene Ngoyi, CEO of FEDA, highlighted the significance of Uganda’s accession: “Uganda’s decision to join FEDA is a testament to the country’s confidence in FEDA’s mission and to its commitment to accelerating Africa’s economic transformation, value-added export development and industrialization. We look forward to deepening our engagements with the Government of Uganda and the private sector to mobilize capital and to invest in the manufacturing and export-related sectors and unlock the immense potential of the region for sustainable development,” she added.
Ambassador Philip Rukikaire emphasized the importance of Uganda’s membership in FEDA, stating: “Today marks a significant milestone in Uganda’s economic development journey. By joining FEDA, we reaffirm our dedication to a prosperous Africa, driven by industrialization and intra-African trade. Africa needs more trade than aid, and this partnership will provide the much-needed investment to propel our manufacturing and export sectors forward.”
Uganda’s membership comes amid a wave of recent accessions to FEDA, bolstering the Fund’s capacity to provide long-term capital to African economies. Over the past four years, Afreximbank has approved over $813 million in financing for Uganda’s public and private sectors, with a pipeline in exceeding US$ 1 billion in pending approvals.
FEDA was set up as the development impact investment platform of Afreximbank with a mandate to implement equity investment across Africa. Its primary objective is to provide developmental equity and quasi-equity capital to companies that are involved in intra-African trade and export development/manufacturing in Africa, with a focus on industrialization, intra-African trade and value-added exports.
FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.