World Bank officials said they wanted to guarantee the projects the loan was destined to support were not going to be adversely affected by the law.
The loan was intended to boost Uganda's health services.
Ugandan government spokesman Ofwono Opondo said the World Bank "should not blackmail its members".
The law, enacted on Monday, strengthens already strict legislation relating to homosexuals.
It allows life imprisonment as the penalty for acts of "aggravated homosexuality" and also criminalises the "promotion of homosexuality"
A spokesman for the World Bank said: "We have postponed the project for further review to ensure that the development objectives would not be adversely affected by the enactment of this new law."
Ugandan authorities have defended the decision, saying President Museveni wanted "to demonstrate Uganda's independence in the face of Western pressure and provocation".
Uganda is a very conservative society, where many people oppose homosexuality.
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