Minister Musasizi Welcomes Standard Bank Commitment to Finance Uganda’s Tenfold Growth Strategy

By Wilfred Arinda Nshekantebirwe 

 Finance Minister Hon Henry Musasizi has welcomed Standard Bank Group’s commitment to deepen its partnership with Uganda and mobilize capital to support the implementation of the government’s Tenfold Growth Strategy.

While speaking  during a meeting with the Regional Chief Executive for East Africa and Chief Executive of Stanbic Holdings Plc, Dr. Joshua Oigara, at the Ministry of Finance on Friday, Musasizi said Uganda requires strong partnerships with financial institutions to unlock investment and accelerate economic transformation.

The meeting was also attended by Baker Magunda, Chairman of the Board of Stanbic Uganda Holdings Limited, Mark Ocitti, Chief Executive of Stanbic Uganda Holdings Limited, and John Tumwine, Head of Public Sector Client Coverage at Stanbic Bank Uganda.

Musasizi emphasized that while Uganda’s economy remains resilient, affordable financing remains critical to achieving the country’s ambitious growth agenda. He noted that high lending rates continue to constrain both public and private sector investment, while elevated electricity tariffs and transport costs undermine industrial competitiveness.

“The economy requires affordable credit to spur investment, alongside lower energy and transport costs to support industrialization and sustainable economic growth,” Musasizi said.

He highlighted government’s ongoing efforts to finance strategic infrastructure, including the €2.7 billion Malaba–Kampala Standard Gauge Railway (SGR) project, which is expected to significantly improve regional connectivity and lower the cost of doing business.

The minister also said government is intensifying implementation of the Domestic Revenue Mobilization Strategy (DRMS) to increase domestic revenues, finance priority development projects, and reduce reliance on borrowing for infrastructure investment.

Musasizi underscored that infrastructure development remains central to Uganda’s Tenfold Growth Strategy, saying investments in transport, energy and other productive sectors will enhance competitiveness and attract more private investment.

In response, Dr. Oigara commended the Government of Uganda for maintaining macroeconomic stability, describing it as a key factor in attracting long-term investment.

He reaffirmed Standard Bank Group’s commitment to supporting Uganda’s socioeconomic transformation through financing strategic development projects.

According to Oigara, Standard Bank Group has already mobilized US$1.4 billion to finance major projects in Uganda, particularly in infrastructure development, with plans underway to secure an additional US$500 million.

He also encouraged Uganda to continue prioritizing infrastructure investment, noting that improved transport connectivity would unlock economic opportunities, lower business costs, and enhance regional trade.

The meeting reflects government’s continued engagement with development finance partners as it seeks to mobilize both domestic and international capital to deliver the Tenfold Growth Strategy and sustain Uganda’s long-term economic growth.

###