| THE INDEPENDENT | Equity Bank Uganda and the Uganda National Oil Company on April.13 signed a Memorandum of Understanding to facilitate and strengthen collaboration between the two entities in the areas of financing and enterprise development specifically for medium and small enterprises.
The areas covered in the MoU include; clean energy use and environmental conservation, support for farmers, education and training for young people especially in vocational institutes and provision of affordable and accessible health systems for all.
James Mwangi, the managing director and CEO at Equity Group Holdings Plc. said the opportunity for Ugandans and the entire region to benefit from the wealth creation around the development of the oil and gas sector and all of its support sectors is significant.
“Wealth creation is the quickest tool to lift our people from poverty and the needs of the oil and gas sector will serve as this vehicle,” he said on the side-lines of a two-day 8th annual oil and gas convention in Kampala.
Mwangi said Equity Group has come up with the African Recovery and Resilience Plan and, set aside $6billion dollars to support the private sector in the region.
He said the plan has been presented to the governments in the region, UN, Commonwealth and 16 development banks all of whom are on board to contribute to its implementation.
Mwangi said, with the DRC joining the East African Community, the private sector has a chance to explore numerous opportunities and impact the general economy and its people.
Proscovia Nabbanja, the chief executive officer for UNOC said, the MoU comes in handy to promote national content efforts and the idea of using partnerships to achieve tangible benefits for businesses and individuals engaged in the oil and gas sector.
The 8th annual oil and gas convention held under the theme “Maximizing National Content and Value Retention” was organised by Uganda Chamber of Mines & Petroleum, Petroleum Authority of Uganda (PAU) and sponsored by key firms including Stanbic Uganda, Equity Bank, CNOOC and TotalEnergies.