In a landmark financial transaction that underscores the growing role of syndicated financing in Africa, Ecobank, the Development Bank of Southern Africa (DBSA), and FirstRand Bank Limited, acting through its RMB (Rand Merchant Bank) division, have successfully closed a €230 million facility for the Government of Uganda.
Ecobank acted as Coordinator, Mandated Lead Arranger, and Bookrunner for the facility—one of the largest sovereign syndications in Uganda in recent years. The financing is set to bolster Uganda’s infrastructure and development budget, targeting priority projects in healthcare, education, industrialisation, power, and road construction.
A Milestone Deal for Ecobank Uganda
The €230 million syndicated facility is not only a landmark for Uganda—it is also a defining moment for Ecobank Uganda. By spearheading this transaction as Coordinator, Mandated Lead Arranger, and Bookrunner, the bank has showcased how a relatively young player in Uganda’s banking sector can leverage the full weight of its continental network, international relationships, and structuring expertise.
Under the leadership of Grace Muliisa, Ecobank Uganda has deliberately repositioned itself as a high-performing, customer-centric institution, building on the strength of the wider Ecobank Group, which operates in 35 African markets and maintains international offices in Paris, London, and Dubai. This Pan-African reach gives the bank a unique advantage in mobilising capital for sovereign and corporate clients alike, particularly in cross-border transactions.
This facility illustrates that Ecobank Uganda is no longer just a niche player in Kampala’s banking landscape. It is now a trusted financial partner capable of leading some of the country’s largest mandates. By anchoring itself in the group’s global flows, digital capabilities, and deep sectoral expertise, the bank is steadily carving out a reputation for delivering solutions that matter—not only to corporates and SMEs, but also to government.
For Ecobank Uganda, this deal is both a validation of its turnaround strategy and a springboard for future growth. It signals that the bank has the credibility, competence, and capacity to structure and execute transactions that transform communities—while positioning itself at the forefront of purpose-driven financing in Uganda.
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Beyond the figures on paper, the true value of this facility will be seen in the lives it transforms and the communities it empowers. Ecobank has been clear that the funds will not simply sit as numbers in a ledger—they are earmarked for tangible, life-changing outcomes. A portion will go into healthcare, where improved facilities will expand access to quality medical care for thousands of Ugandans. Another share will support power projects, delivering reliable, affordable, and clean energy that can light homes, power businesses, and drive industrial growth. Roads, too, will benefit, with modern networks designed to ease the movement of goods and services, reduce logistical costs, and strengthen trade flows. At the same time, investments in education, clean water, and sanitation will ensure that communities have access to schools, safe drinking water, and healthier living environments, laying the foundation for stronger human capital development.
Regional Integration and Growth
The transaction also highlights the importance of regional integration in financing Africa’s growth. By partnering with DBSA and RMB, Ecobank has demonstrated how multi-institutional cooperation can pool resources, mitigate risk, and deliver impactful outcomes.
For Uganda, the projects financed under this facility will deepen market connectivity, unlock industrial opportunities, and build resilience across sectors. For the lenders, it sets a precedent in how purpose-driven financing can go beyond balance sheets to deliver societal transformation.
