EIB Global to Help Bank of Uganda Supervise Climate Risk

In Short

• EIB Global and the Bank of Uganda (BoU) signed a cooperation agreement focused on climate related financial risk.
• EIB Global will provide technical assistance to help BoU improve climate risk supervision, disclosure rules, and reporting by financial institutions.
• The programme will also extend support to selected Ugandan commercial banks, with Housing Finance Bank named as the first beneficiary.

What Happened: How EIB Global Will Support Climate Risk Work In Uganda

EIB Global and the Bank of Uganda agreed to work together to strengthen how Uganda’s financial sector identifies, manages, and discloses climate related risks. Climate risk supervision is the central bank’s oversight of how banks and other financial institutions handle climate linked risks, including how they measure and report them.

Under the agreement, EIB Global will provide technical assistance to help BoU develop a roadmap for greening the financial sector. It will also support BoU to strengthen its climate risk disclosure framework and improve reporting by financial institutions.

The cooperation includes support for the practical implementation of Uganda’s National Green Taxonomy, launched in 2025. A green taxonomy is a shared definition of what counts as an environmentally sustainable economic activity, so banks and investors can label and compare green projects more consistently.

EIB Vice President Marco Primorac said, “Banks can’t manage a risk they can’t see,” adding that the work will help banks lend to green projects “with more confidence.” BoU Deputy Governor Prof. Augustus Nuwagaba said the goal is to strengthen resilience “without unnecessarily constraining access to finance.”

Why It Matters: Green Lending And Climate Finance Targets To 2030

The support is delivered through EIB Global’s Greening Financial Systems technical assistance programme, financed by Germany and Luxembourg through the Greening Financial Systems Fund, in coordination with the NDC Partnership.

Uganda’s government has estimated it requires $28.1 billion for climate action by 2030, and its “National Climate Finance Strategy 2025–2030” aims to attract more foreign direct investment.

EIB Global said its involvement will extend beyond BoU to selected commercial banks to strengthen climate risk management, disclosure, and policies that can expand green lending. Housing Finance Bank is the first Ugandan commercial lender set to benefit, and the announcement concerns technical assistance rather than a direct funding commitment to the bank.