HOIMA, Uganda– Stanbic Bank Uganda has earmarked $15bn in investment to Uganda’s’Oil and gas sector.
“We have set-aside 15 to 20 billion dollars dedicated to fund preparatory investments in the Oil and gas sector before the country can produce its first barrel of oil,” Kevin Wingfield, Stanbic Bank Uganda’s Executive Director and Head of Personal and Business Banking, said last week.
Wingfield made the announcement in Hoima town in Western Uganda at the official opening of the new home to Stanbic Bank’s Hoima branch.
Wingfield said the money is targeted to provide financial support to investors seeking to invest in areas like the service industry such as hotels, supplies to mention but a few.
He said Stanbic Bank is not only looking at selling financial products to the customers but seeks to provide solutions in relation to the needs of the clients.
“We believe, we have credible knowledge, skills and expertise in oil and gas to support the industry expand and help not just the oil majors but the business community in Uganda to strategically benefit from the activity in the oil and gas sector,” Wingfield said.
Wingfield said Stanbic Bank is committed to backing and helping Uganda realize the opportunities coming ahead in the oil and gas sector.
The District Chairman, Hoima district, Kadir Kirungi, said it is difficult to achieve important developments in oil and gas sector without support from the financial sector. He said Stanbic Bank’s intent to invest 15 to 20 billion dollars in the sector was timely as the country prepares to start oil production.
Stanbic Bank Uganda’s, Western Region, Regional Manager, Mercy Sande appreciated the support customers have offered to the Bank. “The new branch is a demonstration of Stanbic Banks’ commitment to Hoima and its future growth.” She said.
Stanbic Bank Uganda provides a full spectrum of financial services. The Bank’s Corporate and Investment Banking division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services.
Stanbic Bank Uganda (SBU), recently secured a $55 million syndicated loan to boost lending to a range of sectors including energy, manufacturing, telecoms and oil and gas.
The Bank stated that much as they are keen to fund the oil and gas sector, their focus in financing agriculture will not be forsaken. The Bank promised to continue funding the agricultural sector considering its direct contribution to the country’s GDP and employment potential.