Absa Bank leads way as Uganda seeks to realise $500 billion energy future

What the report says

The Independent Uganda reported that Absa Bank Uganda used the 2nd Energy Convention in Kampala to argue for stronger financing structures as Uganda works to expand electricity access and support a projected $500 billion economic future. The event, held at Four Points by Sheraton, brought together government and finance-sector participants for a ministerial plenary and panel discussions focused on energy investment, access and project readiness.

According to the report, Absa Uganda Chief Financial Officer Michael Segwaya told the convention that Uganda’s Tenfold Growth Strategy is achievable if ambitious plans are converted into bankable projects. He pointed to the UGX 2.07 trillion allocation to power and renewables in the 2026/27 budget and cited Absa’s role in energy financing, including involvement in the Bujagali Hydropower Project, a $50 million facility to UEDCL in December 2025 for household connections, and an UGX 11.085 billion concessional facility with UECCC under the Electricity Access Scale-Up Project.

The article said Uganda’s installed generation capacity has reached 2,098 MW, but electrification remains uneven, averaging 60% nationally and 42.4% in rural areas. It also cited official targets of 15,420 MW by 2030 and 52,482 MW by 2040, with speakers identifying affordability, access and financing readiness as key constraints rather than generation alone.

Absa’s Benard Kamatte said private capital could support renewables, mini-grids and storage if risks are reduced through better feasibility work, environmental assessment and early development finance support. The report added that participants discussed blended finance, carbon credits and green bonds as tools to attract investment into Uganda’s energy sector.