KAMPALA, January 31, 2026 — The Government of Uganda and Standard Chartered Bank Uganda have signed financing agreements worth Shs 2.747 trillion to fund three major infrastructure projects aligned with the Government’s Ten-Fold Growth Strategy, which aims to expand the economy to US$500 billion by 2040.
The agreements were signed yesterday at the Ministry of Finance, Planning and Economic Development by the Minister of Finance, Planning and Economic Development [MOFPED].
Finance minister Matia Kasaija signed on behalf of the Government of Uganda while Sanjay Rughani, Chief Executive Officer and Head of Coverage for Uganda at Standard Chartered Bank signed on behalf the lender.
The signing ceremony was witnessed by the Minister of Energy and Mineral Development, Ruth Nankabirwa; the Minister of Water and Environment, Sam Cheptoris; the Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi; and the Swedish Ambassador to Uganda, Maria Håkansson.
Also present were Permanent Secretaries from the implementing ministries, Dalu Ajene, Chief Executive Officer and Head of Coverage for Africa at Standard Chartered Bank, members of the Standard Chartered Uganda Board, and representatives of the project contractors.
The three contractors are China Harbour Engineering Company Limited, Kalpataru Power Transmission Sweden AB, and Afcons Infrastructure.
Standard Chartered Bank Uganda will arrange and co-fund the following three projects:
Tororo–Karuma Transmission Line
A €342.5 million loan [approximately Shs 1.4 trillion] will finance the construction of the 400kV Karuma–Tororo double-circuit transmission line and the Ntinda substation. The project will enhance power evacuation from the Karuma Hydropower Plant, providing reliable electricity to industrial and urban centres, creating jobs and positioning Uganda as a regional energy hub.
The financing has been arranged with support from the Swedish Export Credit Agency [EKN] and the Swedish Export Credit Corporation [SEK], enabling competitive pricing and long tenors. This marks EKN’s first transaction in Uganda.
Strategic Towns Water Project
A separate €182.8 million loan [Shs 754.5 billion] will finance Phase II of the Strategic Towns Water Supply and Sanitation Project, covering Nakasongola District and other clusters including Kamuli, Mayuge, Bugweri and Alebtong.
The project aims to serve about 740,000 people by 2030 through the construction of water treatment plants and sanitation facilities, thereby improving public health and productivity. The financing has been arranged with support from the Chinese Export Credit Agency, Sinosure.
Critical Oil Roads Project
Standard Chartered will also provide a €115.8 million loan facility [approximately Shs 486 billion] to finance the construction of the Karugutu–Ntoroko road [56.5 kilometres], the Rwebisengo link road [8.2 kilometres], and Ntoroko town roads [3.3 kilometres].
The upgraded roads will support infrastructure development in the Albertine region and enhance a key trade route linking Uganda to the Democratic Republic of Congo. The financing has been arranged with support from the Islamic Corporation for the Insurance of Investment and Export Credit [ICIEC], part of the Islamic Development Bank Group.
Speaking at the ceremony, Minister Kasaija said the projects would significantly support Uganda’s development agenda.
“These projects will facilitate the evacuation of power from the Karuma Hydropower Plant to major load centres such as the Tororo Industrial Park and promote regional power trade, helping to avoid losses from unutilised power,” he said. “The water project will improve access to clean water and enhance people’s well-being, while the road project will support oil sector development and boost tourism around the Lake Albert region.”
The projects are in line with the Government’s strategy to grow the economy ten-fold from US$53 billion to US$500 billion by 2040.
Dalu Ajene, Chief Executive Officer and Head of Coverage for Africa at Standard Chartered Bank, said the partnership demonstrated the value of collaboration between governments and international financial institutions.
“We are pleased to once again leverage our strong local presence and trusted partnership with the Government of Uganda to support its ambitions and advance the Ten-Fold Growth Strategy through complex, long-tenor financing that delivers lasting economic and social impact,” he said.
Sanjay Rughani, Chief Executive Officer and Head of Coverage for Uganda at Standard Chartered Bank, said the Bank remained committed to financing sustainable infrastructure.
“Water security, efficient power transmission and quality road networks enhance resilience and promote inclusive growth. As Standard Chartered, we are committed to financing infrastructure that is economically viable and transformative,” he said.
The signing underscores Standard Chartered’s local, regional and global leadership in financing infrastructure projects that promote transformation, efficiency and economic integration across government and business sectors.
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