Finance Minister Henry Musasizi has urged Absa Bank to work towards providing affordable capital to both the public and private sectors to support Uganda’s Tenfold Growth Strategy.
Musasizi made the call on Wednesday during a meeting with the leadership of Absa Bank, led by Board Chairman Keith Kalyegira and Managing Director David Wandera, to discuss opportunities for the bank to support Uganda’s economic transformation agenda.
Minister Musasizi commended Absa for its contribution to Uganda’s economic growth but urged the bank to make the reduction of interest rates a priority to attract more government business and stimulate private sector growth.
He said Uganda needs affordable financing to support key anchor sectors, including agro-industrialisation and tourism, as well as critical enablers such as roads, railway infrastructure, industrial parks, manufacturing and agro-processing.
Kalyegira said Absa is aligned with Uganda’s ambition of building a $500 billion economy and is ready to support the anchor sectors while mobilising resources through alternative financing mechanisms, including Sukuk.
He, however, called for the maintenance of a predictable investment climate and tax regime to support the country’s development goals.
Wandera said Absa, Uganda’s third-largest bank, remains committed to attracting international investors and supporting the implementation of the Tenfold Growth Strategy.
