KAMPALA, July 23, 2026 — Finance Minister Henry Musasizi has urged Absa Bank Uganda to work towards providing affordable capital to both the public and private sectors to support the implementation of Uganda’s Tenfold Growth Strategy.
Musasizi made the call on Wednesday during a meeting with the lender’s leadership at the Finance ministry’s offices to discuss opportunities for strengthening the bank’s role in supporting Uganda’s economic transformation agenda.
The Absa delegation was led by Keith Kalyegira, the Chairperson of the Board of Directors, and David Wandera, the Managing Director.
The Minister commended Absa Bank for its contribution to the growth of Uganda’s economy, but stressed the need for lower lending rates to enable more businesses to access financing.
“Reduction of interest rates should be part of your priorities because this will attract more business from government and also contribute to the growth of the economy,” Musasizi said.
He added that affordable financing is critical for unlocking investment in key sectors that will drive economic expansion.
“Uganda needs cheap money to support the anchor sectors, including agro-industrialisation and tourism development, as well as enablers such as infrastructure development, industrial parks, manufacturing and agro-processing,” he said.
Musasizi said increased access to affordable capital would help accelerate private sector growth and support the country’s ambition of building a stronger and more productive economy.
According to the latest Performance of the Economy Monthly Report June 2026, released by the Finance ministry, lending rates on shilling-denominated credit fell from 18.26 percent in April to 18.00 percent in May 2026, partly due to lower risk premiums on shilling loans, supported by stable inflation and adequate liquidity in the banking sector
Kalyegira said Absa Bank shares Uganda’s vision of building a US$ 500 billion economy and is committed to supporting the government’s growth agenda.
“Absa is aligned with the mission of building a US$ 500 billion economy, and we are ready to support the anchor sectors of agriculture, tourism, minerals and science, technology and innovation [ATMS],” Kalyegira said.
He added that the bank would continue exploring innovative financing solutions, including alternative financing mechanisms such as Sukuk, to mobilise resources for development.
“Uganda should maintain a predictable investment climate and tax regime because these are critical for attracting investment and achieving the country’s development goals,” Kalyegira said.
Wandera said Absa Bank, which is the third-largest bank in Uganda, remains committed to supporting the country’s economic agenda by attracting international investors and financing key sectors.
He said the bank would continue partnering with government and the private sector to advance the implementation of the Tenfold Growth Strategy.
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