Standard Bank Group has pledged to deepen its partnership with the Government of Uganda and mobilise additional capital to support the country’s Tenfold Growth Strategy.
The commitment was made on Friday during a meeting between the Minister of Finance, Planning and Economic Development, Henry Musasizi, and the Regional Chief Executive for East Africa and Chief Executive Officer of Stanbic Holdings Plc, Dr Joshua Oigara, at the Ministry of Finance.
Dr Oigara was accompanied by Baker Magunda, Board Chairman of Stanbic Uganda Holdings Limited; Mark Ocitti, Chief Executive Officer of Stanbic Uganda Holdings Limited; and John Tumwine, Head of Public Sector Client Coverage at Stanbic Bank Uganda.
Minister Musasizi welcomed the commitment, saying Uganda requires strong partnerships with financial institutions to mobilise affordable capital for strategic investments and accelerate economic transformation.
The Minister stressed the need for affordable credit, noting that high lending rates continue to affect both the public and private sectors. He also cited the high cost of electricity and transport as major challenges to industrialisation and the movement of goods and services.
Musasizi said the Government is mobilising resources for the construction of the Standard Gauge Railway from Malaba to Kampala, a project estimated to cost €2.7 billion.
He added that Government is implementing the Domestic Revenue Mobilisation Strategy to increase revenue collection, finance key development projects and reduce reliance on borrowing for infrastructure development.
Dr Oigara commended the Government for maintaining macroeconomic stability and reaffirmed Stanbic Holdings Plc’s commitment to supporting Uganda’s socio-economic transformation.
He revealed that USD 1.4 billion had already been mobilised to support major projects in Uganda, particularly in infrastructure development, with efforts underway to raise an additional USD 500 million.
Dr Oigara urged Uganda to prioritise infrastructure development, saying increased investment in roads, railways and other key infrastructure would help unlock the country’s economic potential and improve transport connectivity.
