By Diana N. Kintu
The Government of Uganda has signed three major financing agreements worth €641.1 million (UGX 2.747 trillion) with Standard Chartered Uganda to support critical infrastructure projects aligned with the country’s Ten-Fold Growth Strategy, which aims to expand the economy to USD 500 billion by 2040.
The agreements were signed at the Ministry of Finance headquarters by Hon. Matia Kasaija, Minister of Finance, Planning and Economic Development, and Mr. Sanjay Rughani, Managing Director and Chief Executive Officer of Standard Chartered Uganda. The ceremony was witnessed by Gen. Edward Katumba Wamala, Minister of Works and Transport, Hon. Dr. Ruth Nankabirwa, Minister of Energy and Mineral Development, Hon. Sam Cheptoris, Minister of Water and Environment, as well as senior government officials, ambassadors, and representatives from partner agencies and contractors.
The financing will support three major projects: the Tororo–Karuma Transmission Line (€342.5 million), the Strategic Towns Water Project (Phase II) (€182.8 million), and the Critical Oil Roads Project (€115.8 million). Hon. Matia Kasaija explained that these initiatives are critical to Uganda’s development trajectory. He said the transmission line will facilitate the evacuation of power from the Karuma Hydropower Plant to key load centres such as Tororo Industrial Park and support regional power trade. The water project will provide clean water to targeted areas, improving public health and well-being, while the road project will enhance access to Uganda’s oil sector and unlock tourism potential around Lake Albert.
Speaking at the signing, Mr. Dalu Ajene, CEO and Head of Coverage, Africa at Standard Chartered, said the partnership demonstrates how governments and international financial institutions can collaborate to structure complex, long-term financing arrangements and deliver projects with lasting economic and social impact. Mr. Sanjay Rughani, Managing Director and CEO of Standard Chartered Uganda, added that water security, reliable roads, and efficient power transmission are essential to resilience and inclusive growth. He emphasised the bank’s commitment to financing infrastructure that is economically viable and transformative for communities.
The three projects are strategically aligned with Uganda’s Ten-Fold Growth Strategy, which seeks to increase the economy from USD 53 billion to USD 500 billion by 2040. The financing arrangements are supported by international partners, including the Swedish Export Credit Agency (EKN), Swedish Export Credit Corporation (SEK), Chinese Export Credit Agency (Sinosure), and the Islamic Corporation for the Insurance of Investment and Export Credit (ICEIC), reinforcing the collaborative approach to long-term economic development in Uganda.