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Banks Stop Loans To Uganda Over Anti LGBTQ Law

Uganda’s Anti LGBTQ bill is having consequences

The World Bank has made public its decision to cease providing new loans to Uganda due to the country’s controversial legislation against LGBTQ individuals.

The lending institution, headquartered in Washington, DC, declared on Tuesday that it would temporarily halt funding for projects while it assesses the effectiveness of measures designed to prevent discrimination and exclusion of sexual and gender minorities in its initiatives. In a statement, the bank stated, “Uganda’s Anti-Homosexuality Act fundamentally clashes with the core values of the World Bank Group.”

The bank emphasized its commitment to inclusivity and non-discrimination, asserting that these principles are essential for its global poverty reduction and sustainability objectives. The bank will also intensify external oversight and channels for addressing grievances to ensure prompt corrective actions.

Back in May, the World Bank Group had already expressed concerns about the law, deeming it inconsistent with their values. The recent move comes in response to growing pressure, with 170 civic organizations urging specific and timely actions, including the suspension of future lending. Ajay Banga, the World Bank President since June, faced calls to address the legislation and take decisive steps in line with these concerns.