The World Bank has agreed to end a ban on funding nuclear energy projects. The Bank banned funding mainly because of safety risks. However, the current need for electricity, especially in fast-developing countries like Uganda, and improved technology has led to a change in tune.

This announcement coincides with Uganda signing a contract with Korea Hydro & Nuclear Power Company to undertake initial studies leading to the development of the Buyende Nuclear Power Plant, which is expected to generate 8,400 MW of electricity. This will accelerate Uganda’s goal to generate 50,000 MW by 2040, from the current 2000 MW.

This project will support industrialization efforts and accelerate the electricity penetration in the region. The Government has taken several positive steps to ensure the utilisation of electricity, including launching Independent Power Transmission projects and focusing on the value addition of minerals, as well as banning the export of unprocessed minerals, among other measures.

The World Bank’s position is welcome as it is a positive step, enabling nuclear power projects to attract investors and funding all over Africa.

ENDS