Stanbic Bank Uganda through its business incubator has entered into a partnership with the Uganda National Oil Company (UNOC) to promote national content through capacity building. The memorandum of understanding (MOU) has been signed at Stanbic Bank head offices in Kampala.
Recently the bank established the business incubator with aim to reach as many small and medium enterprises (SME) as possible to support their growth and development across the nation.
To ensure participation of Ugandan companies in the Oil and Gas activities, an estimated $15 billion will be invested in the Oil and Gas sector. 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 signing, Patrick Mweheire, the Chief Executive Officer (CEO) of Stanbic Bank said; “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.”
“We know that the oil sector is a game changer for Uganda’s economy and the only way Ugandans will benefit from this discovery is by having as many local companies participating in its development.” He said
According to MOU, Stanbic Bank will also offer business training for entrepreneurs, sector information sharing and enterprise development.
“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.” Proscovia Nabbanja, Chief Executive Officer UNOC
Head of Business Development Stanbic Bank Uganda, Comrade Otoa said Stanbic Business incubator will provide training to SMEs recommended by UNOC and avail its centres across the country for use by UNOC in its National Content programme.