KCB Bank Uganda has reinforced its strategic role in Uganda’s emerging oil and gas industry, positioning targeted financing solutions as a critical enabler for local business participation as the country moves closer to first oil production.
The message was delivered at the 11th Annual Oil and Gas Convention (OGC) 2026, hosted by the Uganda Chamber of Energy and Minerals in partnership with the Ministry of Energy and Mineral Development and the Uganda National Oil Company (UNOC).
The event, held at Speke Resort Munyonyo, convened policymakers, financiers, and private sector players under the theme “First Oil: Fulfilling the Promise, Forging the Future.”
Uganda’s oil journey, long characterised by anticipation and phased preparation, appears to be entering its most decisive stage. The Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu, signalled renewed momentum, indicating that first crude oil production could begin as early as July.
She urged stronger local private sector involvement, stressing that Ugandan firms must position themselves to benefit from upcoming opportunities.
“As we approach first oil, this is no longer just a government project. Ugandan companies have a real chance to participate meaningfully,” she said, a message that resonated strongly with delegates.
Despite the optimism, financing constraints remain a persistent challenge for contractors expected to deliver large-scale projects while managing upfront tax obligations and delayed payments. This liquidity pressure continues to test the readiness of local enterprises.
KCB Bank Uganda has moved to address this gap through tailored financial instruments such as its Tax Bridge Loan, designed to help businesses meet tax obligations without disrupting operations.
Speaking during a panel discussion, Hirya Fred, Senior Manager Trade Finance at KCB Bank Uganda, noted that timing remains a critical factor in the sector.
“Contractors are often required to pay taxes before receiving payment for completed work, which strains cash flow and slows execution,” he said. The facility, he added, provides breathing room for firms to remain compliant while sustaining project delivery.
In a broader commitment to the sector, KCB Group announced a $150 million strategic investment into oil and gas, signalling confidence in the industry’s long-term growth.
Ramla Nantongo, Regional Head of Corporate Banking at KCB Bank Uganda, emphasised the institution’s capacity to support large-scale projects, citing a $16 billion balance sheet as evidence of its financial strength.
As Uganda edges closer to first oil, stakeholders agree that access to finance will be a defining factor in determining which local firms fully benefit from the sector’s transformation.
KCB Bank Uganda says it intends to remain central to that transition, enabling businesses that are prepared, competitive, and financially supported to participate at scale.