Ecobank, DBSA and RMB Close Landmark EUR 230 Million Facility to Support Uganda’s Infrastructure and Development Budget
Ecobank, the Development Bank of Southern Africa (DBSA) and Rand Merchant Bank (RMB) have finalised a landmark EUR 230 million facility for the Government of Uganda to support its FY2024/25 Infrastructure and Development Budget. Ecobank and DBSA acted as Mandated Lead Arrangers, Coordinators and Bookrunners, in partnership with RMB.
The facility comprises EUR 130 million from Ecobank and RMB, alongside EUR 100 million from DBSA, to finance critical infrastructure projects in education, health, transport, power, transmission, water and sanitation. These investments are vital in a country where only 35% of the rural population has access to electricity and healthcare facilities remain under-resourced. By focusing on these areas, the facility will directly support Uganda’s socio-economic transformation under its Development and Infrastructure Plan (2025/26–2029/30).
This investment complements Uganda’s long-term development agenda, with 48 priority projects approved for FY2024/25 under the Uganda Development and Infrastructure Plan (2025/26–2029/30). These projects, with a total value of €500 million, are essential to strengthening the foundations of the country’s socio-economic transformation.
Michael Larbie, Group Executive Corporate and Investment Banking at Ecobank, said: “This financing reflects Ecobank’s strong commitment to partnering with other African financial institutions to structure innovative and efficient funding solutions for critical infrastructure development across the continent. By working alongside DFIs and other commercial lenders, we can lead the mobilisation of capital at scale and tailor solutions to enable national development priorities. For Uganda, this facility will help unlock investments in essential sectors that directly improve lives and create a stronger platform for growth.”
Grace Muliisa, Managing Director of Ecobank Uganda, commented: “Ecobank Uganda is honoured to have acted as mandated lead arranger, coordinator, and bookrunner for this landmark transaction. This facility is not just about financing; it is about enabling Uganda to achieve its infrastructure and development priorities in education, health, transport, power, and water and sanitation. By working hand in hand with the Government, DBSA, and RMB, we are helping to deliver the foundations for inclusive growth and socio-economic transformation.”
Mpho Mokwele, Group Executive Transacting for the DBSA, added: “This transaction marks a significant milestone for DBSA as our first major syndication in East Africa. Offering EUR 100 million alongside Ecobank and RMB reinforces our belief in the strength of collaboration between local, regional and development finance institutions to enable critical infrastructure across the continent.”
This transaction stands as one of the most significant sovereign syndications in Uganda in recent years, setting a powerful precedent for future collaboration between governments, commercial banks and development finance institutions (DFIs) to drive inclusive development outcomes across Africa. It also directly supports the UN Sustainable Development Goals (SDGs) in Uganda, particularly Goals 3 (Health), 4 (Education), 6 (Clean Water and Sanitation), 7 (Affordable and Clean Energy), and 9 (Industry, Innovation, and Infrastructure).
This landmark financing underscores the role of collaborative investment in transforming infrastructure and development priorities in Uganda, while advancing the continent’s shared commitment to sustainable growth.
