Minister of Finance, Planning and Economic Development Hon. Matia Kasaija on behalf of the Government of Uganda and Sanjay Rughani the CEO and Head of Coverage, Uganda at Standard Chartered Bank today signed three Financing Agreements at the Ministry of Finance, Planning and Economic Development to fund key government infrastructure projects aligned with the Government’s Ten-Fold Growth Strategy, aimed at expanding the economy to USD 500 billion by 2040.
The signing ceremony was witnessed by the Minister of Energy and Mineral Development Dr. Ruth Nankabirwa, Hon. Sam Cheptoris – Minister of Water & Environment, Dr. Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury, Ms. Maria Håkansson- Swedish Ambassador to Uganda, the Permanent Secretaries from Implementing Ministries, Dalu Ajene the CEO & Head of Coverage, Standard Chartered Africa, Sujithav Sarangi – Executive Director, Development & Agency Finance at Standard Chartered , Ms. Maria Kiwanuka – Board Chair Standard Chartered Uganda, Prof. Ephraim Kamuntu and the three Contractors namely; China Harbour Engineering Company Limited, Kalpataru Power Transmission Sweden AB and Afcons Infrastructure.
Standard Chartered Uganda will arrange and co-fund three projects as indicated below;
- Tororo-Karuma Transmission Line
The EUR 342.5 million (approx. UGX1.4 trillion) loan from Standard Chartered will finance the 400KV Karuma-Tororo double-circuit power line and Ntinda substation, enhancing transmission from Karuma Hydropower Plant. This investment will provide reliable electricity for industries and urban areas, creating jobs and positioning Uganda as an East African energy hub. The financing has been arranged with the support of Swedish Export Credit Agency, EKN (Exportkreditnamnden) and Swedish Export Credit Corporation (SEK) which has made it possible to achieve competitive pricing and long tenors. This marks the first transaction for EKN in Uganda.
- Strategic Towns Water Project
A separate €182.8 million (UGX 754.5 billion) loan from Standard Chartered will finance Phase II of the Strategic Towns Water Supply and Sanitation Project, covering Nakasongola District and other clusters like Kamuli, Mayuge, Bugweri, and Alebtong. It aims to serve 740,000 people by 2030 through provision of water treatment plants, sanitation facilities, boosting health and productivity. The Bank has arranged this financing with the support of the Chinese Export Credit Agency, Sinosure.
- Critical oil roads project
Standard Chartered will also provide a EUR115.8 million (UGX486 billion) loan facility. This will help finance the construction of the Karugutu-Ntoroko road (56.5km), Rwebisengo Link (8.2lm) and Ntoroko Town Roads (3.3km). The road upgrades will support infrastructure development in the Albertine region, a key trade route linking Uganda to the Democratic Republic of Congo. The Bank arranged this financing with support from Islamic Corporation for the Insurance of Investment and Export Credit (ICEIC) which is part of the Islamic Development Bank Group.
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The Minister of Finance, Planning, and Economic Development Hon. Matia Kasaija said, “These projects will go a long way in supporting Uganda’s development trajectory by supporting evacuation of power from Karuma Hydro power plant to identified load centers like Tororo industrial park and facilitate regional power trade. This will help to avoid losses from unutilized power/deemed energy. The water project will definitely provide clean water to the project target areas and therefore improve people’s well-being. The road project will support Government initiatives to develop the oil sector and enhance tourism potential in the areas around lake Albert”.
The three projects are in line with Government’s Strategy to grow the economy ten-fold from USD 53 billion to USD 500billion by 2040.
Dalu Ajene the CEO & Head of Coverage, Africa at Standard Chartered Bank while witnessing the signing the MoU stated, “We are pleased to once again leverage our on-the-ground presence and trusted partnership with the Government of Uganda to continue to support its ambitions and help drive Uganda’s Tenfold (10X) Growth Strategy forward. This partnership therefore demonstrates how governments and international financial institutions can work together to structure complex, long-tenor financing and deliver projects with lasting economic and social impact.”
Sanjay Rughani the CEO & Head of Coverage Uganda at Standard Chartered said, “As Standard Chartered Bank we understand that water security, roads and efficient power transmission enhance resilience, and promote inclusive growth. As a Bank, we are committed to financing infrastructure that is economically viable.”
This signing showcases Standard Chartered’s local, regional and global leadership in financing projects and solutions across government and business sectors that promote transformation, efficiency and integration.
