Bank of Uganda and EIB sign climate finance deal
The agreement aims to strengthen the financial sector's ability to manage climate risks and boost green investments.
The Bank of Uganda and the European Investment Bank (EIB) signed a collaboration agreement on Wednesday, October 21, 2026, in Kampala. This partnership will provide technical assistance to Uganda's central bank to improve how financial institutions manage climate-related risks and report on them. The initiative is part of the EIB Global Greening Financial Systems Technical Assistance Programme.
Bank of Uganda Deputy Governor Prof. Augustus Nuwagaba stated that climate change threatens economic performance and financial stability through extreme weather and infrastructure damage. He explained that the agreement will enhance the central bank's ability to help supervised financial institutions identify, assess, manage, and disclose these risks. Uganda needs approximately $28.1 billion in climate-action financing by 2030.
EIB Vice-President Marko Primorac noted that improved risk assessment will help banks make better lending decisions and increase confidence in financing sustainable projects. The partnership will also support the implementation of Uganda’s National Green Taxonomy, launched in 2025, and will extend to selected commercial banks, with Housing Finance Bank being the first expected beneficiary.
Why it mattersUganda's financial sector will receive support to manage climate risks and attract private capital for climate action.