With Uganda moving closer to getting its first oil from the ground, Ecobank has said it has an ambitious plan to invest in the country’s oil and gas sector.
In February last year, French company, TotalEnergies EP, CNOOC from China , and the Uganda National Oil Company (UNOC) announced the much awaited Final Investment Decision (FID) for development of the Tilenga and Kingfisher projects, respectively, as well as the East African Crude Oil Pipeline (EACOP) to ensure the country moves closer to its first oil
Speaking on Wednesday, the Ecobank Managing Director, Grace Muliisa said they are keen on providing the much-needed support in financing oil and gas infrastructure developments in the country.
“We do understand the landscape and in this particular case it means what is happening in the different economies on the continent. For Uganda particularly, oil and gas is one of the sectors we are looking at, not only because it is going to hugely impact our economy but it is one that is to transform so many lives,” Muliisa said.
Taking cognizant of the impact that the oil and gas sector is going to have on communities, the Ecobank Managing Director said their sustainability program will look at that angle.
The Tilenga project operated by TotalEnergies EP is expected to produce 190,000 barrels of oil per day during peak production whereas the Kingfisher project will pump 40,000 barrels per day.
According to the Ecobank Managing Director, in the new year, the bank will also continue with its financial inclusion drive all over the country.
“Financial inclusion is not a one- off but rather part of who we are as a Pan African bank. We realise we operate in different parts of the country and part of our existence is to bring along so many people into the financial world. This is core to what we are and we will continue with this journey,” Muliisa said.
“We are part of the agency banking platform which has given opportunities to so many Ugandans to come through the financial space and world. We also teach different communities on how to generate, grow and protect incomes and wealth. We will continue with this program.”
12 days of Christmas campaign
On Wednesday, the bank also rewarded community changer makers in its campaign named the 12 days of Christmas which sought to give back to individuals and organisations that are making a difference in their communities.
“Ecobank is committed to making a difference in the communities we serve as we take pride in helping those people and groups that have a positive influence on communities. Through this campaign, we also aimed at giving a boost to the change-makers of the narrative in our society and we encourage others to go for more,”Muliisa said.
During the function, the bank rewarded eight individuals and organisations who had emerged winners.