NATIONAL CONTENT DEV’T: Stanbic, UNOC sign US$15Bn deal

By Francis Otucu

Stanbic Bank Uganda through its Business Incubator has entered into a partnership with Uganda National Oil Company (UNOC) to promote national content through capacity building, offering business training for entrepreneurs, sector information sharing and enterprise development.

The partnership is worth has agreed to a US$15 billion.

This, to make sure Ugandan SMEs get a significant piece of that pie, the Stanbic Business incubator prepares them to leverage the upcoming opportunities in Uganda’s emerging Oil and Gas sector.

Speaking at the MOU signing, Chief Executive Stanbic Bank Uganda Patrick Mweheire described the partnership as critical.

“We are pleased to be partnering with UNOC in a critical initiative that aims to facilitate participation and development of national content in the oil and gas sector,” he said.

According to Stanbic, oil sector is a game changer for Uganda’s economy and that the only way Ugandans will benefit from this discovery is by having as many local companies participating in its development.

To ensure participation, Stanbic says Ugandan companies in the Oil and Gas activities, it established the Business Incubator with aim to reach as many SME’s as possible to support their growth and development across the nation.

UNOC Chief Executive Officer, Proscovia Nabbanja welcomed the partnership.

“Partnerships with institutions like Stanbic are instrumental in promoting national content through providing training and information on the opportunities for local businesses in the oil and gas sector,” she said.