Uganda has pledged US $1 million to the African Peer Review Mechanism, APRM, to support its operations.

The announcement was made by Uganda’s Vice President, Jessica Alupo, during the 35th APRM Forum of Heads of State and 

Government at the African Union headquarters on Friday.

Alupo, who represented President Yoweri Museveni, said Uganda supports the operationalisation of the Africa Credit Rating Agency, headquartered in Mauritius.

Through the Africa Credit Rating Agency, the continent seeks to reduce its dependence on international credit rating agencies, including Moody's, Fitch, and Standard & Poor’s.

African countries have long criticised these agencies for imposing high and, in some cases, unfair risk premiums, prompting a push for an alternative.