Equity moves to lock-in oil and gas opportunities with Bunyoro kingdom MoU

March 13, 2022 in Business, Companies, Financial Services, Hydrocarbons by Editor

Equity Bank will support development of capacity for local participation in the food supply value chain to the Oil and Gas industry

With its sights not far from an Oil and Gas sector that is fast gaining traction, regional lender Equity Bank’s Ugandan unit, has entered a wide-ranging MoU with the Bunyoro kingdom that gives it a firm foothold in the region.

Through the MoU, the parties committed to jointly work on programs that support enterprise development and financial inclusion in the kingdom. Target sectors include, energy, environment, food and agriculture, education, health, and oil and gas.

Speaking during the signing ceremony the kingdom headquarter in Hoima March 11, Elizabeth Mwerinde Kasedde, the bank’s executive director for public sector and social investments said the MoU would drive a sustainable and scalable approach to social and economic transformation in the kingdom.

The bank will among others, provide a scholarship fund, offer internship, adolescent sexual and reproductive health and low-cost financing of health providers.

“We realized that our people still have challenges of managing financial resources hence the need to empower them with knowledge and skills for them to make informed financial decisions. We pray that this partnership grows to give us the fruits we desire to see in our region,” said Bunyoro premier Andrew Byakutaga.

Through Equity’s Young Africa Works program and products such as EquiMama, the parties will provide financial literacy, especially to women and youth in their organized groups. Financial support will also be extended to women groups, Saccos, to unlock opportunities in the livestock food supply value chains.

In addition to climate change mitigation and adaption, the bank and the kingdom will collaborate to promote activities that support environmental conservation and implementation of carbon offsetting programs such as tree planting, natural forestry conservation, and horticulture.

Equity Bank will also support renewable energy programs such as solar and clean cooking.

After nearly five years of minimal activity the upstream of Uganda’s nascent oil and gas sector, is again looking up, following the signing of a final investment decision for the East African Crude Oil Pipeline, the 1400km heated conduit that will be used to ferry Uganda’s waxy crude to international markets.

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