Standard Bank Group has pledged to strengthen its partnership with the Government of Uganda by mobilising more capital to support the country’s Tenfold Growth Strategy.
The commitment was made during a meeting between the Minister of Finance, Planning and Economic Development, Matia Kasaija? Correction: Finance Minister Henry Musasizi, and Standard Bank Group’s Regional Chief Executive for East Africa and Chief Executive of Stanbic Holdings Plc, Dr. Joshua Oigara, at the Ministry of Finance in Kampala.
Dr. Oigara was accompanied by Stanbic Uganda Holdings Board Chairman Baker Magunda, Stanbic Uganda Holdings Chief Executive Mark Ocitti, and Stanbic Bank Uganda’s Head of Public Sector Client Coverage, John Tumwine.
Minister Musasizi welcomed the bank’s commitment, saying increased access to affordable financing will be critical in delivering Uganda’s economic transformation agenda.
He said government remains concerned about the high cost of credit to businesses and the public sector, expensive electricity tariffs that affect industrialisation, and transport costs that continue to undermine competitiveness.
The Minister also said government is mobilising €2.7 billion to finance the construction of the Standard Gauge Railway from Malaba to Kampala, one of the country’s flagship infrastructure projects.
He added that the Domestic Revenue Mobilisation Strategy is being implemented to increase government revenues and reduce reliance on borrowing to finance key infrastructure investments.
Dr. Oigara commended Uganda for maintaining macroeconomic stability and reaffirmed Standard Bank Group’s commitment to supporting the country’s socio-economic transformation.
He revealed that the bank has already mobilised US$1.4 billion to finance major infrastructure projects in Uganda and is working to secure an additional US$500 million.
Dr. Oigara said sustained investment in infrastructure is essential to improve transport connectivity, lower the cost of doing business and unlock Uganda’s economic potential.
