Uganda is a key regional trade gateway

Intro: With over a century of presence in Uganda and a footprint that spans the world’s major financial hubs, Standard Chartered Bank is positioning itself as a strategic bridge between African opportunity and global capital.

Dalu Ajene, the Chief Executive Officer and head of coverage for Africa, spoke to New Vision about the bank’s continental ambition.

Q: How do you describe Standard Chartered Bank’s ambition for the continent, and how does Uganda fit into that vision?

Our history is deeply embedded in Africa’s growth story. With a heritage of over 170 years globally and 113 years in Uganda - we have an in-depth understanding of the continent and are uniquely positioned at the intersection of emerging markets and international capital.

Across Africa, our strategy to support governments and institutions delivering national development priorities, mobilise long-term, sustainable financing for infrastructure and transition and connect African markets to global capital, trade and investment flows.

Uganda is strategically placed to play an important role in the regional supply chain and cross-border trade as a trade and investment gateway given its growing population, improving infrastructure and deepening integration within East Africa.

As a bank operating in several global and local markets, Standard Chartered supports clients navigating cross-border flows, whether financing trade, structuring large-scale infrastructure projects and connecting African businesses to international markets across Asia, the Middle East, Europe and beyond.

This approach is also underpinned by a commitment to responsible and sustainable finance.

Africa and Uganda are important to Standard Chartered. We are committed to supporting Uganda’s growth ambitions by facilitating trade, optimising working capital, funding long term capital projects, managing currency exposure and offering our stakeholders a comprehensive offering because our presence in key global financial hubs allows us to seamlessly connect clients in Uganda to international opportunities.

Q: The Government of Uganda has articulated a Tenfold Growth Agenda. How is Standard Chartered Bank aligning with and supporting this ambition?

The Uganda Government 10X Growth Agenda is bold and well structured. It focuses on transforming Infrastructure, Agriculture, Tourism, Manufacturing and Science and Innovation, while using trade as a catalyst for growth.

This aligns closely with our own strategy, and that is why we have actively championed various industry engagements like the SC investment dialogue, where we brought together senior government officials, private sector leaders and international partners to discuss how to support this agenda.

We have hosted CEO roundtables, including engagements with the Office of the Permanent Secretary and Secretary to the Treasury, to explore how the private sector can work together with Government to unlock growth. These engagements are designed to create awareness, alignment and solicit private sector support to act as catalysts for these projects.

We have also just signed a deal with government to finance a number of projects.
Standard Chartered will provide a EUR 342.5 million (approx. UGX1.4 trillion) loan for the 400KV Karuma-Tororo double-circuit power line and Ntinda substation, enhancing transmission from Karuma Hydropower Plant.

The financing has been arranged with the support of Swedish Export Credit Agency, EKN (Exportkreditnamnden) and Swedish Export Credit Corporation (SEK) which has made it possible to achieve competitive pricing and long tenors. This marks the first transaction for EKN in Uganda.

A separate €182.8 million (UGX 754.5 billion) loan from Standard Chartered will finance Phase II of the Strategic Towns Water Supply and Sanitation Project, covering Nakasongola District and other clusters like Kamuli, Mayuge, Bugweri, and Alebtong.

It aims to serve 740,000 people by 2030 through provision of water treatment plants, sanitation facilities, and climate-resilient infrastructure, boosting health and productivity.

The Bank has arranged this financing with the support of the Chinese Export Credit Agency, Sinosure.

Standard Chartered will also provide a EUR115.8 million (UGX486 billion) loan facility. This will help finance the construction of the Karugutu-Ntoroko road (56.5km), Rwebisengo Link (8.2lm) and Ntoroko Town Roads (3.3km), which form a key trade route linking Uganda to the Democratic Republic of Congo and will support oil development in the Albertine region.

The Bank arranged this financing with support from Islamic Corporation, which is part of the Islamic Development Bank Group.

These loans advance the 10x growth agenda by prioritising infrastructure for agro-industrialisation and urbanisation.

Q: Global economic uncertainty remains a concern. What gives you confidence in Uganda’s resilience and growth outlook?

Uganda has demonstrated resilience through challenging global conditions. The economy is supported by strong fundamentals, including a young population, diversified growth sectors and a clear national development agenda.

Continued focus on trade, value addition and infrastructure provides a solid foundation for growth. From our perspective, Uganda’s trajectory is positive and investable, which is why we remain committed to supporting its long-term development.