The World Bank has forgiven Uganda over misappropriation of funds borrowed. WB suspended lending to Uganda in August 2016, due to numerous reasons including failure to kick start projects in time, poor absorptive capacity, corruption, mismanagement of projects, inability to do feasibility, social and environmental studies as well as human rights abuses in project areas.
The World Bank Country Manager, Christina Malmberg Calvo, disclosed the lifting of the suspension at a press conference held today, Monday at the Ministry of Finance headquarters. Calvo said lifting of the lending suspension followed improvement in government’s management of portfolio of active projects, 22 in total.
Calvo said starting June, two new projects will be taken to the Bank’s board for approval.