Overview:
Speaking at the signing ceremony, Mr Musasizi said the financing package underscores the government's commitment to improving transport infrastructure and unlocking the economic potential of northern Uganda.
KAMPALA | The government has signed a €110.5 million (about Shs481 billion) financing agreement with Standard Chartered Bank Uganda for the construction of the 115.8-kilometre Kitgum–Kidepo road, a project expected to boost trade, tourism and investment in northern Uganda and the Karamoja sub-region.
The agreement was signed on Tuesday by Finance Minister Henry Musasizi and Standard Chartered Bank Uganda Chief Executive Officer Sanjay Rughani.
Speaking at the signing ceremony, Mr Musasizi said the financing package underscores the government’s commitment to improving transport infrastructure and unlocking the economic potential of northern Uganda.
He said the road will improve connectivity, lower transport costs and facilitate regional trade, while supporting the implementation of the government’s priority sectors under the Agriculture, Tourism, Minerals, and Science, Technology and Innovation (ATMS) strategy.
The minister added that the road will also support major investments in the region, including the more than $300 million Yaobai Cement and Clinker Factory in Moroto, improve access to Kidepo Valley National Park and complement the planned $72 million Kidepo International Airport.
“The road will strengthen tourism, trade and investment in Karamoja and northern Uganda,” Mr Musasizi said.
He added: “Today’s signing is not simply about financing a road. It is about investing in Uganda’s future. It is about connecting farmers to markets, industries to raw materials, tourists to destinations and businesses to opportunity.”
Mr Rughani said the financing agreement reflects Standard Chartered’s commitment to supporting projects that promote economic growth and national development.
“The Kitgum–Kidepo Road is a strategic investment that reinforces our long-term role as a trusted corporate and investment bank while supporting government priorities that are economically viable and developmentally impactful,” he said.
The signing ceremony was witnessed by the Minister of Works and Transport, Fred Byamukama; the Minister of Trade, Industry and Cooperatives, Sanjay Tanna; the Minister of Tourism, Wildlife and Antiquities, Tom Butime; and the British High Commissioner to Uganda, Lisa Chesney, among other government and private sector officials.