Standard Chartered strengthens Uganda infrastructure portfolio with €110.5 million Kitgum–Kidepo road financing

Standard Chartered Bank Uganda has reinforced its position as one of Uganda’s leading infrastructure financiers after signing a financing agreement worth €110.5 million (approximately Shs480.9 billion) with the Government of Uganda to support the upgrading of the strategic Kitgum–Kidepo Road, a project expected to transform connectivity, stimulate trade and unlock the vast tourism potential of Northern and North-Eastern Uganda.

The agreement, signed at the Ministry of Finance, Planning and Economic Development in Kampala, marks another significant milestone in the bank’s long-standing partnership with the Ugandan government in financing transformational infrastructure.

The signing ceremony brought together senior government officials, representatives of development partners, members of the diplomatic community, project contractors and financial sector leaders, reflecting the strategic importance attached to the project.

A Road Designed to Unlock Economic Potential

Far more than a transport project, the Kitgum–Kidepo Road represents a major economic corridor expected to reshape commerce across the Acholi and Karamoja sub-regions while strengthening Uganda’s regional integration with neighbouring South Sudan.

Once upgraded, the road will improve access to markets for farmers and traders, reduce transport costs for businesses, facilitate the movement of goods and services, and improve mobility for communities that have historically faced transport challenges.

The road is also expected to become a critical component of Uganda’s tourism infrastructure by strengthening access to the internationally renowned Kidepo Valley National Park while linking it more effectively with the Murchison Falls tourism circuit.

Improved transport infrastructure is anticipated to encourage greater domestic and international tourism, stimulate investment in hospitality, and generate employment opportunities across the tourism value chain.

Infrastructure as a Driver of Economic Transformation

The financing reflects Uganda’s broader strategy of using strategic infrastructure investments to accelerate industrialisation, improve competitiveness and drive inclusive economic growth.

Speaking during the signing ceremony, Finance Minister Henry Musasizi described the agreement as an investment in Uganda’s future rather than merely funding a road project.

“Today’s signing is not simply about financing a road. It is about investing in Uganda’s future. It is about connecting farmers to markets, industries to raw materials, tourists to destinations and businesses to opportunity,” Musasizi said.

He noted that strategic infrastructure remains central to Uganda’s ambition of building a more productive, competitive and prosperous economy.

The Minister’s remarks align with the government’s broader Ten-Fold Growth Strategy, which identifies transport infrastructure as a key enabler of industrial development, regional trade and private sector expansion.

Opening Northern Uganda for Business

The Ministry of Works and Transport believes the project will significantly improve economic activity across Northern Uganda by reducing travel times and lowering transport costs.

Works and Transport Minister Fred Byamukama said the upgraded road would strengthen connectivity between regions while creating new commercial opportunities.

“The upgrading of the Kitgum-Kidepo Road is an important step in improving access, mobility and economic activity across Northern Uganda,” Byamukama said.

According to the Minister, the project will not only improve access to tourism destinations but will also facilitate movement of people, goods and services while strengthening socio-economic linkages between communities.

Improved road infrastructure is expected to encourage private investment along the corridor, stimulate agricultural commercialization and improve service delivery to communities.

Standard Chartered’s Expanding Infrastructure Portfolio

For Standard Chartered, the latest financing agreement represents another chapter in a relationship that has increasingly positioned the bank as a trusted partner in Uganda’s national development agenda.

The Kitgum-Kidepo financing follows another major infrastructure package signed in January 2025 that supported three strategic national projects:

* The Karuma-Tororo Transmission Line and Ntinda Substation.

* Phase II of the Strategic Towns Water Supply and Sanitation Project.

* The Critical Roads Project covering the Karugutu-Ntoroko Road, the Rwebisengo Link and roads within Ntoroko Town.

Beyond these projects, the bank has financed several landmark investments, including solar-powered irrigation schemes in Karamoja, infrastructure within the Kampala Industrial Business Park in Namanve, Kabaale International Airport in Hoima and various government budget support programmes.

This growing portfolio demonstrates the bank’s evolution beyond traditional commercial banking into a strategic financier of large-scale national infrastructure.

Mobilising Capital for National Development

Standard Chartered Uganda Chief Executive Officer Sanjay Rughani said the financing illustrates the bank’s commitment to supporting projects that combine commercial viability with long-term development impact.

“Today’s signing underscores our continued commitment to supporting Government priorities that are both economically viable and developmentally impactful,” Rughani said.

He described the Kitgum-Kidepo Road as a strategic investment that reinforces Standard Chartered’s role as a leading corporate and investment bank capable of mobilising long-term capital for national development.

“Our commitment to Uganda extends beyond this transaction,” he noted.

Rughani emphasized that the bank remains committed to structuring innovative financing solutions that support Uganda’s Ten-Fold Growth Agenda while partnering with government, development institutions and private investors.

Financing Development Beyond Banking

Board Chairperson Maria Kiwanuka said the transaction demonstrates the critical role financial institutions can play in delivering infrastructure that transforms economies.

“This transaction demonstrates the power of long-term partnership in delivering infrastructure that can transform livelihoods and strengthen national competitiveness,” she said.

According to Kiwanuka, trusted financial institutions have an important role in bringing together long-term capital, strong project execution and public-private collaboration needed to deliver sustainable national development.

She added that projects such as the Kitgum-Kidepo Road not only improve connectivity but also create opportunities for commerce, investment and improved livelihoods.

A Signal to Investors

Beyond its immediate infrastructure benefits, the financing sends a positive signal to international investors about Uganda’s ability to attract large-scale commercial financing for priority development projects.

With increasing emphasis on blended finance, public-private partnerships and innovative infrastructure funding models, transactions of this nature are becoming increasingly important in addressing Africa’s infrastructure financing gap.

For Standard Chartered, the latest agreement further cements its reputation as one of Uganda’s most influential financial institutions in development finance.

For Uganda, it represents another strategic investment aimed at improving connectivity, stimulating regional economies and supporting long-term economic transformation through modern infrastructure.