Equity Bank, UK AID, energy ministry partner on eCooking
“Today, we have launched e-cooking financing to support Ugandan businesses to operate more efficiently and competitively. We recognise that electricity costs are a concern, but affordability is about the total cost of cooking, not electricity alone,” said Psomgen.
Catherine Psomgen, the Equity Bank Uganda Director, Public Sector and Social Investments (3rd from left), state minister for energy Opolot Okaasai Sidoneous and UKAID Climate and Energy Policy officer Lydia Nandawula, with other partners, after the launch on Thursday at Four Points by Sheraton. (Courtesy photo)
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Equity Bank Uganda in partnership with UKAID and the Ministry of Energy, has today launched affordable financing for eCooking products and technologies in Uganda.
Dubbed the Modern Energy Cooking Services (MECS) Trust Fund, it aims to accelerate the adoption of electric cooking solutions across the country.
The Fund was officially launched during a Stakeholder Information Session held at Four Points by Sheraton Kampala Hotel.
The event brought together government officials, development partners, private sector players and electric cooking companies to explore practical strategies for scaling clean and efficient cooking technologies in Uganda.
“Today, we have launched e-cooking financing to support Ugandan businesses to operate more efficiently and competitively. We recognise that electricity costs are a concern, but affordability is about the total cost of cooking, not electricity alone,” said Catherine Psomgen, the Equity Bank Uganda Director, Public Sector and Social Investments.
According to UKAID Climate and Energy Policy officer Lydia Nandawula, the financing reflects a long-term UK commitment to Uganda towards its clean cooking transition, not just as a climate priority but as a development, health, gender and economic opportunity.
The MECS Trust Fund is financed by the British High Commission through UKAID under the Foreign, Commonwealth and Development Office (FCDO). And is being implemented by Equity Bank Uganda in partnership with the Ministry of Energy and Mineral Development.
The Fund targets Households, SMEs, Micro businesses, importers, manufacturers and institutions under the government-approved programs. Households, businesses, and institutions can borrow from sh10m to over sh500m.
Uganda has taken significant policy steps to create a supportive environment for clean cooking. In 2021, the Electricity Regulatory Authority introduced a dedicated cooking electricity tariff to encourage uptake.
This was followed by the launch of the National eCooking Strategy in 2023, which outlines measures for supply chain development, grid expansion, public awareness and integration of carbon financing.
At COP28, Uganda reaffirmed its commitment to scaling electric cooking, setting a target of 18 percent adoption by 2030.