Africa-Press – Uganda. KCB Bank Uganda, a financial service provider has held a high-level breakfast meeting at the Sheraton Hotel under the theme “The Future of Oil and Gas in Uganda: A Call to Empower a New Era.”
The engagement gathered key stakeholders in the energy sector to explore opportunities, challenges, and funding requirements as Uganda aims to become a significant player in the global oil and gas market.
This discussion coincides with Uganda’s preparations for its first oil production from the Tilenga and Kingfisher oilfields, as well as the development of the East African Crude Oil Pipeline (EACOP), which represents the largest infrastructure investment in the region.
At the event, Mr. Edgar Byamah, Managing Director of KCB Bank Uganda, highlighted the bank’s commitment to supporting Uganda’s energy transition and the entire oil and gas value chain.
“The oil and gas sector offers a transformative opportunity for Uganda’s economic advancement. At KCB, we are strategically equipped to provide financing, treasury management, and advisory services to businesses aspiring to succeed in this field. We also understand the importance of promoting sustainability through investments in renewable energy and green financing initiatives,” Byamah stated.
The event included a panel discussion featuring leading industry experts, such as Tom Ayebare Rukundo, Manager Economic and Financial analysis at the Petroleum Authority of Uganda (PAU) who discussed Uganda’s considerable achievements in establishing a regulatory and operational framework for the sector.
“We are at a pivotal moment in Uganda’s oil journey. As the first oil is anticipated this year, we must encourage collaboration among regulators, operators, financiers, and service providers to ensure value generation for Ugandans,” Rukundo remarked.
“Partnerships, such as the one with KCB, are essential for bridging financing gaps and enhancing local engagement in the industry.”
Tony Serubiri, Commissioner, Directorate of Petroleum, Ministry of Energy and Mineral Development, in his speech, advocated for strategic partnerships and responsible investments in Uganda’s energy future.
“Oil and gas should focus on extraction while emphasizing empowerment as well. We appreciate the proactive contributions of financial institutions like KCB Bank in enabling businesses, particularly local firms, to engage meaningfully in the value chain. This is how we strengthen national capacity and promote inclusive growth while creating employment opportunities for many.”
During the event, KCB Bank introduced and launched the KCB tax bridge loan, an unsecured short-term solution designed to keep the oil and gas business moving, no matter the tax demands ahead.
All oil and gas business can now acquire unsecured loans to pay URA directly to boost liquidity and production
capacity with flexible terms. Businesses can get up to shs4 billion at 16.5% annual interest, 30-day tenure and no collateral or delays.
The other product launched was the commodity finance, a collateral management solution that is very essential for oil marketing companies because it will enable bulk purchases and enable upfront payment (zero credit extension from UNOC) for the downstream sector which is currently the biggest pain point.
Other prominent attendees included representatives from Uganda National Oil Company (UNOC), Uganda Chamber of Mines and Petroleum, and the Ministry of Energy’s Petroleum and Mining Division.
The event served as a valuable platform for facilitating dialogue, unlocking investment prospects, and establishing partnerships that will influence the next chapter of Uganda’s oil and gas sector.
For More News And Analysis About Uganda Follow Africa-Press
