Stanbic Bank Reaffirms Commitment to Uganda’s Growth with New Financing Plans

Standard Bank Group and Stanbic Bank Uganda have reaffirmed their commitment to supporting Uganda’s economic transformation following a high-level meeting with the Minister of Finance, Planning and Economic Development, Henry Musasizi.

The meeting brought together Dr Joshua Oigara, Regional Chief Executive for East Africa at Standard Bank Group, Damoni Magunda, Board Chairman of Stanbic Uganda Holdings Limited (SUHL), and Mark Ocitti Ongom, Chief Executive of SUHL.

The discussions focused on financing and accelerating Uganda’s Tenfold Growth Strategy, with both parties emphasising the importance of strong public-private partnerships in driving economic development.

According to Standard Bank Group, the bank has so far mobilised US$1.4 billion to support major infrastructure projects across Uganda. It is also currently structuring an additional US$500 million in financing to help unlock further economic growth.

During the meeting, Dr Oigara praised the government for maintaining macroeconomic stability and reaffirmed the bank’s long-term commitment to supporting Uganda’s socio-economic transformation.

The bank said it remains committed to financing strategic projects, including the Standard Gauge Railway, while also supporting initiatives aimed at reducing the cost of doing business and improving access to affordable credit for businesses and investors.

The engagement reflects the continued collaboration between the Government of Uganda and the financial sector in mobilising investment to accelerate infrastructure development, industrialisation, and sustainable economic growth.