Equity Bank, British High Commission launch fund to boost eCooking businesses

KAMPALA — Equity Bank Uganda and the British High Commission have launched a financing fund designed to boost electric cooking businesses and accelerate the adoption of clean energy across the country.

The initiative, known as the Modern Energy Cooking Services Trust Fund, was developed in partnership with UKAID and the Ministry of Energy and Mineral Development. The fund aims to provide short-term working capital to help companies import, manufacture and distribute electric cooking technologies to households and businesses.

The fund was officially launched during a stakeholder session at the Four Points by Sheraton Kampala Hotel. Catherine Psomgen, director of public sector and social investments at Equity Bank Uganda, said the financing will allow businesses to operate more competitively while offering cleaner alternatives to traditional fuel.

“Through the MECS Trust Fund, Equity Bank Uganda is providing financing to help businesses grow while supporting households to adopt safer, cleaner and more affordable cooking options,” Psomgen said.

Lydia Nandawula, UKAID climate and energy policy officer, said the financing represents the United Kingdom’s long-term commitment to Uganda’s clean energy transition. She noted that the fund addresses a critical bottleneck by providing the capital necessary for businesses to stock appliances and meet growing market demand.

State Minister for Energy Okaasai Opolot welcomed the initiative, noting that limited financing for technology importation has historically slowed the shift toward electric cooking.

“The launch of this trust fund is timely as it addresses these challenges by making funding available to suppliers,” Okaasai said.

Under the program, eligible borrowers—including small businesses, manufacturers and importers—can access financing starting at 30 million Ugandan shillings.

The initiative aligns with the National eCooking Strategy, which seeks to reduce the country’s reliance on charcoal and firewood to protect the environment and improve public health outcomes.