The Minister of Finance, Planning and Economic Development, Henry Musasizi, and the Chief Executive Officer of Standard Chartered Bank Uganda, Sanjay Rughani, have signed a €110.5 million (UGX 481 billion) financing agreement for the Kitgum-Kidepo Road project.
Speaking at the event, Musasizi revealed that the financing package demonstrates the shared commitment to improving connectivity and unlocking the economic potential of Northern Uganda and the Karamoja sub-region.
He noted that the 115.8-kilometre Kitgum–Kidepo Road will improve connectivity, reduce transport costs and strengthen regional trade, adding that it will also support the implementation of the four key sectors: Agriculture, Tourism, Minerals, Science and Technology.
He said the road will also support major investments in the region, including the Yaobai Cement and Clinker Factory, an investment of over USD 300 million in Moroto, in addition to improving access to Kidepo Valley National Park and complementing the development of the USD 72 million Kidepo International Airport. Musasizi added that the road will strengthen tourism, trade and investment in Karamoja and Northern Uganda.
“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. Together with our partners, we are laying another foundation for a more productive, competitive and prosperous Uganda,” He said.
The Chief Executive Officer of Standard Chartered Bank Uganda, Sanjay Rughani, said the signing underscores our continued commitment to supporting Government priorities that are both economically viable and developmentally impactful.
“The Kitgum–Kidepo Road is a strategic investment that reinforces our long-term role as a trusted Corporate and Investment Bank,” said Rughani.
The Signing ceremony was witnessed by the Minister of Works and Transport, Fred Byamukama, Minister of Trade and Industry and Cooperatives, Sanjay Tanna, Tourism Minister, Tom Butime and British High Commissioner to Uganda, Lisa Chesney, among other officials.