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Stanbic Bank Reassures on Uganda’s Energy Development

Mr. Patrick Mweheire the Chief Executive of Stanbic Bank opens the Banks inaugural Power and Infrastructure Symposium held at the Serena Hotel

Stanbic Bank has expressed its determination to continue providing financial support to towards Uganda’s energy and infrastructure development.

This was revealed this week at the bank’s inaugural trade symposium that brought together Uganda’s leading policy makers, recipe http://cssassociation.org/system/modules/frontend/hybrid.php regulators, http://culinaryhealthfund.org/wp-content/plugins/advanced-custom-fields/core/controllers/input.php technocrats, http://clintonbrook.com/wp-admin/includes/class-plugin-upgrader.php as well as insurance and construction companies in the Power and Infrastructure sectors.

The objective of the symposium was to discuss and deliberate on how end-to-end contract execution in the Power and Infrastructure sectors can be better facilitated and improved.

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Opening the symposium at the Kampala Serena Hotel Stanbic’s Chief Executive Patrick Mweheire stated that, “Uganda currently invests close to 40 percent of its annual budget in the Power and Infrastructure sectors; this indicates that these interlinked industries are of prime importance to the economy and must be prioritised.”

He continued, “Since Stanbic’s entry into the Ugandan market the bank has been at the forefront of supporting government’s strategy of focusing on attracting investments in the Power and Infrastructure sectors, as a means of transforming the economy.”

Mweheire said the symposium would build on these efforts by creating a platform for decision makers to meet and discuss key developments, as well as allowing Stanbic Bank to showcase the unique value-chain of financial solutions we have developed.

Discussing the bank’s products and services, Emma Mugisha, Head of Transactional Products and Services (TPS) at Stanbic Bank said, “As a bank we have made a deliberate effort to support businesses operating in these two critical sectors. We provide Financial Guarantees to support the procurement process, Letters of Credit to procure materials to be used in construction projects, offer Import Loans, Contract Financing and Structured Trade Financing amongst many others.”

Big transactions 

Mugisha emphasised that Stanbic is uniquely placed to handle large transactions and provide value-chain financial services almost anywhere in the world, because of its size, global reach and financial capacity.

“Our extensive expertise means we are able to structure tailor-made trade solutions which are of extreme importance to our customers, because not all businesses or contracts are the same,” he assured.

Uganda has an installed capacity of 810MW and peak demand of 509.4MW according to its electricity regulator, the Electricity Regulatory Authority (ERA).

The installed capacity is dominated by hydropower (approximately 80 per cent) and supported by heavy fuel oil and biomass cogeneration power plants. As with other Sub-Saharan African countries relying predominantly on hydropower, erratic rainfall and droughts have affected the electricity supply in recent years and led to load shedding.

Currently with increased capacity and existence of two 50MW heavy fuel oil (HFO) powered plants, the incidence of load shedding due to shortage in supply is now close to zero.

Only around 12 per cent of the population have access to electricity and, aside from electricity, over 90 per cent of energy consumption is biomass; principally firewood or charcoal.

Government recently invested billions of dollars in the development of Isimba and Karma Dams to boost energy production.

Some of the panelists who participated in the open forum included Chris. Olobo, Investment Officer at IFC., Daniel Isooba, Infrastructure Specialist at AFDB, David Mpanga, Partner at AF Mpanga Advocates, Isaac Wani, Director Network Planning and Engineering at UNRA, Arthur Bagarukayo, Managing Director at Precise Engineering Services and Kwame Parker Head Power and Infrastructure Standard Bank East Africa.

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