Finance Minister, Henry Musasizi (Left) and Sanjay Rughani (Right), the Chief Executive Officer of Standard Chartered Bank after signing the agreement
The Ministry of Finance has signed the Euro110.5Million (UGX481Bn) financing agreement with Standard Chartered Bank for the construction of the 115.8-kilometre Kitgum–Kidepo Road.
This is after Parliament approved the loan request for the above road in April 2024.
During the signing ceremony at the Ministry of Finance headquarters in Kampala on 30th June 2026, the Minister of Finance, Henry Musasizi argued that the financing package demonstrates the shared commitment to improving connectivity and unlocking the economic potential of Northern Uganda and the Karamoja sub-region.
Musasizi said, “It will improve connectivity, reduce transport costs and strengthen regional trade. The road will also support better investments in the region. In Moroto, the Yaobai Cement and Clinker Factory are an investment of over US$300 Million. In tourism, the road will improve access to the Kidepo Valley National Park and complement the development of the US$72 Million Kidepo International Airport, strengthening tourism, trade and investment in Karamoja and northern Uganda.”
The Minister defended Government’s decision to construct the road through loan financing arguing that the 115.8-kilometre Kitgum–Kidepo Road will improve connectivity, reduce transport costs and strengthen regional trade.
“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,” said Musasizi.
Sanjay Rughani, the Chief Executive Officer of Standard Chartered Bank Uganda, argued that the signing of the finance agreement underscores the Bank’s continued commitment to supporting Government priorities that are both economically viable and developmentally impactful noting, “The Kitgum–Kidepo Road is a strategic investment that reinforces our long-term role as a trusted Corporate and Investment Bank.”
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.
