KCB Bank Calls for Increased Financing Across Uganda’s Mineral Value Chain

What the report says

KCB Bank Uganda has urged greater investment and financing across Uganda’s mineral value chain, saying wider access to capital could help the country move from extracting raw minerals to building more local industrial capacity. The appeal was made at the 15th Annual Mineral Wealth Conference, held on 29 and 30 September at Speke Resort Munyonyo in Kampala under the theme focused on Africa’s mining potential.

The conference brought together government officials, investors, miners, bankers and other stakeholders to discuss policy, partnerships and funding for the sector. According to Watchdog Uganda, the Minister of State for Energy, Sidronius Okaasai Opolot, said Uganda should develop the full chain from exploration and mining to processing, manufacturing and downstream industries. The Minister for Science, Technology and Innovation, Jonard Asiimwe Akiiki, also argued that countries create more value when minerals are processed locally instead of exported in raw form.

Watchdog Uganda reported that the push for value addition comes as mineral output in Uganda has risen, citing Uganda Bureau of Statistics figures showing a sharp increase in the value and volume of production between 2022 and 2023. The Ministry of Energy and Mineral Development is continuing to prioritise value addition, investment promotion, geological mapping, regulation and support for small-scale miners.

KCB Bank Uganda’s corporate banking representative, Timothy Wilkins Okanya, said banks can help bridge funding gaps at multiple stages, including equipment purchase, working capital, trade finance and processing. He also pointed to the bank’s regional network and experience financing energy and mining projects across East Africa as part of its capacity to support the sector.