Standard Bank group pledges support for Uganda’s Tenfold Growth Strategy
The commitment was made by the Regional Chief Executive East Africa and Chief Executive of Stanbic Holdings Plc, Dr. Joshua Oigara, during a meeting with the Minister of State for Finance, Planning and Economic Development, Henry Musasizi, at the Finance Ministry.
The Standard Bank Group has expressed readiness to partner with the Government of Uganda in mobilising capital to support the country’s Tenfold Growth Strategy aimed at accelerating economic transformation.
The commitment was made by the Regional Chief Executive East Africa and Chief Executive of Stanbic Holdings Plc, Dr. Joshua Oigara, during a meeting with the Minister of State for Finance, Planning and Economic Development, Henry Musasizi, at the Finance Ministry.
Dr. Oigara was accompanied by Stanbic Uganda Holdings Limited Board Chairman Baker Magunda, Chief Executive Officer Mark Ocitti, and John Tumwine, Head of Public Sector Client Coverage at Stanbic Bank Uganda.
Musasizi welcomed the commitment, saying deeper cooperation with Standard Bank would help unlock financing for key national development priorities.
He highlighted the need for affordable credit, noting that high lending rates, expensive electricity for industrialisation, and high transport costs remain major challenges affecting economic growth in Uganda.
The Minister said government is mobilising resources for the construction of the Standard Gauge Railway (Malaba-Kampala), estimated to cost about €2.7 billion, as part of efforts to improve transport connectivity and reduce the cost of doing business.
Musasizi also pointed to the implementation of the Domestic Revenue Mobilisation Strategy (DRMS), which he said is intended to increase government revenue collection and reduce reliance on borrowing to fund infrastructure projects.
Dr. Oigara commended Uganda for maintaining macroeconomic stability and pledged Stanbic Holdings Plc’s continued support towards the country’s socio-economic transformation.
He revealed that the bank has already mobilised about US$1.4 billion to support major projects in Uganda, particularly in infrastructure development, with efforts ongoing to secure an additional US$500 million in financing.
Dr. Oigara urged the government to continue prioritising infrastructure investment, saying improved transport networks would help unlock economic opportunities and strengthen connectivity across the country.
