The Government of Uganda and Standard Chartered Bank have signed three major financing agreements to fund critical infrastructure projects aligned with Uganda’s Ten-Fold Growth Strategy, which aims to grow the economy to USD 500 billion by 2040.

The agreements, valued at over €640 million, cover projects in power transmission, water supply, and oil roads, supporting industrial growth, regional trade, and improved public services.

Karuma–Tororo Power Transmission Line

A €342.5 million facility will finance the 400kV Karuma–Tororo double-circuit transmission line and the Ntinda substation, strengthening power evacuation from the Karuma Hydropower Plant. The project will support industrial development and regional power trade.

The power financing is backed by Sweden’s EKN and SEK, enabling competitive pricing and extended tenors. This landmark transaction is EKN’s first-ever deal in Uganda.

Strategic Towns Water Supply and Sanitation Project

A €182.8 million loan will fund Phase II of the Strategic Towns Water Supply & Sanitation Project, expanding access to clean water and sanitation for approximately 740,000 people by 2030 across multiple districts. The project aims to improve health outcomes and productivity in the targeted communities.

Critical Roads in the Albertine Region

Standard Chartered will also provide €115.8 million to finance critical road infrastructure, including the Karugutu–Ntoroko Road, Rwebisengo Link, and Ntoroko Town Roads. The upgrades will strengthen connectivity, facilitate trade, and support economic development in the Albertine region.

Key Officials and Witnesses

The signing ceremony was attended by Hon. Matia Kasaija, Minister of Finance, Planning & Economic Development; Dr. Ruth Nankabirwa, Minister of Energy & Mineral Development; Hon. Sam Cheptoris, Minister of Water & Environment; and Dr. Ramathan Ggoobi, Permanent Secretary & Secretary to the Treasury.

Standard Chartered leadership included Dalu Ajene, CEO & Head of Coverage Africa; Sujithav Sarangi, Executive Director, Development & Agency Finance; Board Chair Maria Kiwanuka; and Prof. Ephraim Kamuntu, alongside contractors CHEC, Kalpataru, and Afcons.

Also present were Ms. Maria Håkansson, Swedish Ambassador to Uganda; the Chinese Ambassador; representatives from the Ministry of Works & Transport; and Permanent Secretaries from across Government.

Statements from Leadership

Dalu Ajene, CEO & Head of Coverage Africa at Standard Chartered, said: “The bank is leveraging its strong partnership and on-the-ground presence to support Uganda’s ambitions and advance the Ten-Fold (10X) Growth Strategy through long-tenor, high-impact financing.”

Hon. Matia Kasaija, Minister of Finance, Planning & Economic Development, added: “The projects will enable power evacuation from Karuma to load centres like Tororo Industrial Park, support regional power trade, reduce energy losses, and improve access to clean water.”

These projects reaffirm a shared commitment by the Government of Uganda and Standard Chartered Bank to invest in power, water, and transport infrastructure, driving inclusive growth, resilience, and long-term national transformation.