Patrick Mweheire, CEO of Stanbic Bank Uganda, while opening the trade seminar aimed at discussing how to improve the end-to-end contract execution in power and infrastructure, noted the difficulties associated with such projects, reports East African Business Week.
“The cost of undertaking power and infrastructure projects in Uganda and Africa in general is twice as expensive when compared to the developed world,” Mweheire noted.
Stanbic Bank advises on investment
Mweheire advised that the risks that accumulate as a result of investment in power and infrastructure projects should be collectively distributed among all stakeholders to save one party from bearing all the risks in bids to ease as well as increase growth and investment in power and infrastructure sector.
He said this calls for the development of clear, consistent and transparent legal and policy frameworks to guide public and private stakeholders engaged in sector.
Mweheire continued highlighting that while the Ugandan government’s main focus is on the development of national infrastructure; the development of sub-regional infrastructure like sub-urban, urban and city infrastructure has been ignored.
He added that there is need to develop such infrastructure, stating that in undertaking such development the same consideration should be given by all stakeholders.
The Stanbic Bank boss stated regional planning should be seen as one of the best options to reach inclusive power and infrastructure development.
“We must not focus on developing infrastructure within our boundaries but also consider what is happening around us.”Mweheire said.
He reiterated that financial institutions should not be seen at as the lone bearers of all the risks but rather, government and non-government acts should both be brought on board.
“There is a lot of capital that sits outside the banks, if we package these deals properly, we can pull it off.” he said.