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Gov’t turns to Absa Bank for UGX 183 billion loan to fund UEDCL’s takeover from Umeme

A photo collage of Finance Minister Matia Kasaija, Energy Minister Ruth Nankabirwa and UEDCL Managing Director. The three government officials will play a pivotal role as power distribution shifts from private to public hands.

Government, through Ministry of Finance is seeking about $ 50 million (UGX 183 billion) from Absa Bank as capital investment into the Uganda Electricity Distribution Company Limited (UEDCL) to fully take up power distribution operations from Umeme by April 1, 2025.  Paul Mwesigwa, the UEDCL Managing Director confirmed the details of securing funds from Absa Bank which will cover a year of operations.  The Ministry of Energy and Minerals Development on Wednesday dismissed fears that its transmission agency would not be able to take over operations from Umeme in time due to unavailability of the said funds that were recently…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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