JEDDAH, Saudi Arabia/KAMPALA, Uganda – May 27, 2025 – Ugandan businesses, entrepreneurs, and financial institutions stand to gain significantly from the key outcomes of the 13th Private Sector Forum of the Islamic Development Bank Group (IsDBG), which concluded last week in Algiers, People’s Democratic Republic of Algeria. The high-level forum, held from May 20 to 22, 2025, on the sidelines of the IsDBG’s annual meetings, brought together over 1,300 participants from 50 countries, including a strong presence from the local, regional, and international private sectors.
The forum served as a crucial platform for exploring the prevailing opportunities and challenges confronting the business community within IsDBG member countries. Critically for Uganda, the discussions highlighted the Group’s extensive suite of financing instruments, which include lines of financing, direct private sector financing, robust trade development support, comprehensive investment insurance, and vital export credit facilities. These tools are precisely what Ugandan companies need to expand their operations, penetrate new markets, and mitigate financial risks.
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A Hub for Deal-Making and Partnerships
A major highlight of the forum was the signing of 26 agreements and memoranda of understanding, collectively valued at over $3.6 billion. While specific details regarding Ugandan beneficiaries are yet to be fully disclosed, these agreements signal a strong pipeline of potential trade and investment opportunities that Ugandan businesses could tap into.
Furthermore, the forum facilitated over 250 bilateral meetings (B2B and B2G), fostering direct communication and partnership building between businesses and governments across member countries. Such interactions are invaluable for Ugandan enterprises seeking to establish new trade routes, attract foreign direct investment, and forge strategic alliances.
Empowering Innovation and SMEs
Innovation and the growth of small and medium-sized enterprises (SMEs) were central to the forum’s agenda. A startup competition saw participation from more than 300 startups and business incubators, showcasing the vibrant entrepreneurial spirit within IsDBG member states. Ugandan startups, known for their dynamism, can leverage the insights and networks from such initiatives to scale their ventures.
Dr. Mohammed Al Jasser, President of the Islamic Development Bank Group, underscored the forum’s strategic importance, stating, “This forum is not just an annual event, but a renewed strategic platform through which we highlight the innovative tools and services offered by the Islamic Development Bank Group institutions to support investment and trade, and expand partnerships within our member countries.”
Tailored Financial Support for Ugandan Growth
The IsDBG’s affiliated institutions, particularly the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Islamic Corporation for the Development of the Private Sector (ICD), presented compelling opportunities for Ugandan businesses.
Dr. Khaled Yousef Khalafallah, CEO of ICIEC and Acting CEO of ICD, emphasized the commitment to sustainable financing and development. He noted that since its inception, ICIEC has provided cumulative insurance coverage exceeding $121 billion, with $96 billion supporting trade flows and over $25 billion facilitating foreign investments across vital sectors including agriculture, renewable energy, infrastructure, manufacturing, and healthcare. These are sectors where Uganda has significant development potential and is actively seeking investment.
Similarly, the ICD, since its establishment in 1999, has approved 575 projects worth $7.58 billion across various sectors, including finance, infrastructure, agriculture, manufacturing, and energy, with operations in 48 member countries. This wide sectoral and geographic reach means Ugandan businesses can access diversified investment opportunities and expertise.
Eng. Adeeb Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), highlighted the private sector’s crucial role in economic growth and poverty reduction. He revealed that since its launch in 2008, ITFC has extended over $83 billion in financing to OIC member countries, with $19 billion specifically allocated to enhance SME competitiveness. This includes financial support, technical assistance, and capacity-building efforts – all areas that are critical for the growth of Uganda’s burgeoning SME sector and its integration into regional and international markets.
Uganda’s Path Forward
The outcomes of the 13th Private Sector Forum reinforce the IsDBG’s commitment to empowering its member countries through robust financial instruments and strategic partnerships. For Uganda, a nation actively pursuing economic diversification and increased foreign investment, the insights and opportunities emerging from this forum are timely. Ugandan policymakers and private sector leaders should actively engage with the IsDBG’s offerings to leverage these resources for sustainable development, job creation, and enhanced trade flows, contributing to Uganda’s broader economic resilience and progress.
