H.E Virginie Leroy, the French Ambassador to Uganda
French companies have invested over $4.2 billion in Uganda, making it one of the biggest sources of Foreign Direct Investment, officials have disclosed.
Virginie Leroy, the French Ambassador to Uganda disclosed that their investment is critical to Uganda’s economy, accounting for over 50% of Uganda’s total FDI.
“These funds drive job creation, boost vital infrastructure, and support the country’s oil and gas development, with billions of dollars committed to local entrepreneurship and community development,” she said in a recent interview ahead of Bastille Day [France’s National Day], which fell on July 14th.
She further pointed out that Uganda’s partnership with France has brought together public institutions, private sector, universities, researchers, artists, entrepreneurs, leaders with a special insight on youth and women.
“Credit facilities and grants given to Ugandan institutions for instance has been instrumental in Uganda’s micro economic development,” she said, adding that 30% has gone to women and 20% to the youth.
AFD investment
Leroy noted that through the French Development Agency (AFD), they have extended up to €1.2 billion commitments to Uganda’s development, making Uganda one of France’s leading bilateral partners.
“French companies are investing in Uganda’s future, while our cultural, educational and scientific cooperation continues to deepen. What characterises our relationship today is that Uganda is a good example of the way Africa-France partnerships are meant to contribute to innovation and Growth.”
She added: “We work together to address common challenges which include climate resilience, sustainable growth, youth employment, production and access to energy, water, innovation and promote regional stability.”
This reflects a modern partnership based on shared interests but also shared responsibility.
She added that France supports Uganda in sectors that have the greatest impact on people’s daily lives and on the country’s long-term transformation.
Among these is the water flagship project amounting to €550M. Under this we are expand access to safe drinking water in the Greater Kampala Metropolitan Area but also in Mbarara, Masaka and while also supporting rural communities and refugee-hosting districts.
85 000 power connections
“This will eventually touch more than five million Ugandans, including 3 million in Kampala. In, we have committed up to €200M. We are also working in the electricity value chain by supporting rural electrification, which has covered 50 districts, leading to 85 000 connections,” she said.
Leroy further disclosed that they support the Uganda Development Bank (UDB) and help it target climate-smart agriculture and green businesses.
“The support to Stanbic green incubator and accelerator that is benefiting 200 SMEs is one such project. The impact of Pearl Bank financial facility to SACCOS supporting agriculture value chain is another.”
40 French companies
The Ambassador further noted that French investment in Uganda has reached an unprecedented level and reflects our confidence in the country’s economic potential.
“Around 40 French companies across sectors such as energy, transport, water, health, digital technologies and services have set up shop in Uganda. Together, they employ thousands of Ugandans, create opportunities for local suppliers and contribute to skills transfer and industrial development.”
French companies for instance have invested up to $4.2b between 2024 and 2027. This makes France one of Uganda’s leading foreign direct investors.
Youth employment
These companies have strongly touched the lives of young people are Uganda’s greatest asset.
“Creativity, ambition and entrepreneurial spirit among Uganda’s young people has emerged as one of its greatest strengths. Supporting them is one of France’s highest priorities. We invest in education, entrepreneurship and innovation because these are the foundations of tomorrow’s economy,” she said.
Beyond education, France is helping young entrepreneurs turn ideas into successful businesses.
“Through our partnership with Stanbic Bank Incubator for instance, France is supporting 200 green start-ups, led mostly by women and the youth. Digital Africa and AFD facilitate access to finance and innovation ecosystems in Uganda.”
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