In his 2016/2017 budget speech, Uganda’s Finance Minister, Matia Kasaija, said that over $55m had been allocated to the implementation of programs for oil and gas development, African Law and Business reported.
The government has agreed to establish a local content fund to facilitate the financing of domestic enterprises participating in the oil and gas market. This commitment is contained in the recently released National Content Policy for the Petroleum Sub-sector. The policy acknowledges that access to finance is one of the biggest bottlenecks hindering local companies and enterprises from fully participating in the oil industry, All Africa reported.
Kasaija noted that the fund will also support institutional and skills development, including operationalizing the National Petroleum Authority and the establishment of the Uganda National Oil Company.