Absa Bank Uganda pushes for execution to unlock next investment cycle
Uganda needs to shift its focus from courting investors to converting that interest into financed, executable projects, if it is to accelerate investment across energy, infrastructure, minerals, manufacturing and technology, Absa Bank Uganda has said.
Attracting investor interest is only part of the challenge, the bank said, adding that converting that interest into actual investment requires projects and businesses with the governance, cash flows, commercial structures and risk allocation needed to secure financing and move towards execution.
Mr David Wandera, Managing Director and CEO of Absa Bank Uganda, said Uganda has significant investment opportunities, but the more important question is how the country converts that potential and investor interest into bankable projects and productive investment. “The real test is whether we can build projects and businesses that can attract capital, withstand financial and commercial scrutiny and ultimately move into execution,” said Mr Wandera.
Absa points to recent transactions as evidence of how this can work. In 2026, the bank provided a $50 million (about Sh6.5 billion) five-year facility to Uganda Electricity Distribution Company Limited, the utility’s first-ever debt financing, to support investment in the country’s electricity distribution network. The facility is expected to enable more than 200,000 additional electricity connections.
The bank also partnered with the Uganda Energy Credit Capitalisation Company on a UGX 11.085 billion (about $2.9 million) concessional credit facility, providing capital for onward lending to eligible energy companies.
These transactions build on Absa’s wider financing and advisory activity across telecommunications, sustainable real estate, green mobility, waste management and capital markets, including participation in a $100 million syndicated facility for MTN Uganda and its role as lead transaction advisor on Airtel Uganda’s initial public offering.
“The opportunity is to connect more capital with the right opportunities and create the conditions for that investment to succeed,” Mr Wandera said. “Different projects require different types of capital. The role of banks is increasingly to understand what an opportunity needs, structure it appropriately and connect international capital with the local knowledge and execution capability required to make it work.”
Uganda’s financial markets have strengthened in recent years, rising from tenth when the Absa Africa Financial Markets Index was launched to third in the 2025 index, a shift the bank says reflects progress in the ecosystem available to support investment and growth.
Mr Wandera made the case for greater investment execution at the UK-Africa Investment Summit in London on September 11, where discussions centred on moving African economies from access to production. He took part in sessions on institutional finance and financial infrastructure, alongside a closed working session on critical minerals and industrial value addition.
“Uganda’s next investment story is about translating growing opportunity into investment that strengthens businesses, infrastructure and long-term productive capacity,” Mr Wandera said.
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