Uganda has officially signed the Instrument of Accession to the Fund for Export Development in Africa (FEDA), marking a significant milestone in its commitment to regional economic cooperation and trade. This move is expected to boost intra-African trade, address economic challenges, and contribute to the transformation of Africa’s trade sector.
Speaking at the signing ceremony, Phillip Rukikaire, Director of Regional and International Cooperation at the Ministry of Foreign Affairs, delivered a message on behalf of the ministry’s Permanent Secretary, Mr. Vicent Bagiire Waiswa. “Today marks a significant milestone in Uganda’s ongoing commitment to regional cooperation and economic integration within our continent,” he stated.
Mr. Vicent Bagiire Waiswa emphasized that Africa currently requires more trade than aid, aligning Uganda with the vision of a united and sustainably developed continent. “By joining FEDA, we reaffirm our dedication to the shared vision of a prosperous Africa, united in its pursuit of sustainable development and increased intra-African trade. Africa needs more trade than aid,” he said.
He noted that FEDA plays a crucial role in addressing the challenges of Africa’s export sector. “FEDA, as a key initiative of the African Export-Import Bank, represents a collective effort to address the critical needs of our continent’s export sector,” he added.
Mr. Bagiire commended the founding members of FEDA and Afreximbank for their efforts in boosting intra-African trade. “As we take this important step, we extend our deep appreciation to the founding members of FEDA, Afri-Exim Bank for its unwavering commitment to promoting intra-African trade, industrialization, and economic diversification and to all partner states,” he stated.
Mr. Bagiire also pledged Uganda’s commitment to contributing to FEDA’s mission by fostering a business-friendly environment for trade and investment. “We are mindful that this accession is not an end in itself, but rather the beginning of a journey that will require continued dedication, mutual understanding, and commitment to our shared objectives. In the spirit of Pan-African solidarity, we pledge our full support to FEDA’s initiatives and express our readiness to collaborate closely with all member states in pursuit of our common goals,” he added.
Marlene Ngoyi, CEO of FEDA, described Uganda’s accession as a crucial step in accessing a vital platform for export promotion and value addition. “This is a testament to Uganda’s strong commitment to several values that we share to industrialize Africa, add value to our exports, and to ensure we trade with each other as African countries,” Ngoyi said.
She also revealed that FEDA has $1 billion available for deployment in member countries, including Uganda, to support private-sector growth. “This is a significant step for Uganda and Uganda will now access to a very important platform as FEDA manages $1 billion we deploy in member countries to support the private sector in order to support public-private partnerships with an objective to make sure Uganda and the rest of Africa are industrialised, add more value to products, and ensure exports,” she added.
Odrek Rwabogo, the chairman of the Presidential Advisory Committee on Exports and Industrial Development (PACEID), stated that he has always sought a way to bridge the gap between Africans by eliminating the fear they have about trading with each other, emphasizing that this can be achieved through trade. “How does Africa stop fearing trading with each other?, there has to be a bridge between me and an Igbo of Nigeria. How do I create a bridge that was destroyed from 1498 to date, even when we had independence, that bridge remains shaky. It is trade. Trade has to be facilitated.”
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