The National Social Security Fund (NSSF) says it has the resources to finance major infrastructure projects across Uganda if the government issues an infrastructure bond.
An infrastructure bond is a financial instrument that allows investors to fund the construction and maintenance of public projects such as roads, railways, airports, and utilities.
Such bonds are typically issued by governments or state-owned enterprises to raise long-term capital and offer investors regular interest payments along with a return on their principal investment.
The proposal comes at a time when Uganda has halted or slowed work on at least 27 major road and bridge projects, owing to a funding shortfall of Shs2.47 trillion for the 2025/26 financial year.
The affected projects include critical transport routes for oil, trade, and national connectivity.
Ministry of Works and Transport indicates that 18 projects have stalled due to delays in government-funded financing, while another nine have been affected by government’s failure to provide timely counterpart funding for externally financed projects.
A report by the Economic Policy Research Centre notes that although infrastructure spending remains high, persistent delays in completing key projects, including energy, transport, and logistics, threaten to undermine their intended economic impact.
‘During the 2025/26 financial year, the challenge is no longer prioritization but execution. Without timely delivery, infrastructure meant to unlock growth risks becoming a fiscal burden, limiting benefits from completed projects,’ the EPRC report states.
Speaking ahead of the inaugural All-Africa Summit due for November 5-7, NSSF managing director Patrick Ayota, said the Fund has already engaged government on the proposal, noting that they have the resources to fund infrastructure projects.
‘We have approached the Minister to issue us an infrastructure bond so we can invest in these major projects. Uganda’s GDP stands at $61b, while NSSF’s portfolio is $17.4b, representing 13 percent of the economy. We have the capacity to invest in infrastructure development,’ he said.