Standard Bank Group Ready to Partner with Government on Tenfold Growth

Finance Minister Henry Musasizi has welcomed the commitment by Standard Bank Group to deepen the relationship with Uganda and also raise capital to finance Uganda’s Tenfold Growth Strategy.

The Minister made the remarks while meeting the Regional Chief Executive East Africa and Chief Executive Stanbic Holdings Plc Dr. Joshua Oigara at the Finance Ministry.

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

Stanbic Uganda Holdings Limited is part of the Standard Bank Group comprising of 5 subsidiaries including Stanbic Bank Uganda Limited.

The Finance Minister reiterated the need for affordable credit, adding that the economy suffers from high lending rates to both the public and private sector, high costs of electricity for industrialization and high transport costs for goods and services.

He said the Country is mobilizing resources for the construction of the Standard Gauge Railway (Malaba-Kampala) to the tune of Euro 2.7 billion.

Musasizi also noted that government is implementing the domestic revenue mobilization strategy (DRMS) to raise more revenue to finance some of the core projects and reduce dependence on borrowing for infrastructure development.

Dr. Oigara thanked the Government of Uganda for ensuring macroeconomic stability, and expressed the commitment of Stanbic Holdings Plc to supporting the socioeconomic transformation of Uganda.

He said USD 1.4 billion has already been mobilized to support major projects in the country especially in the area of infrastructure development, adding that efforts are under way to raise USD 500 million additional financing.

He said Uganda needs to direct more resources towards infrastructure development to unlock the country and improve transport connectivity.