Browsing: Africa Development Bank (ADB)

The African Development Bank is working on a financial facility to support Seychelles in its COVID-19 recovery programme according to a top official of the bank.

During a courtesy call on President Wavel Ramkalawan at State House today April 7, The executive director of AfDB, Cheptoo Amos Kipronoh, said that Seychelles the bank will support the government to heal the economy of its country.

“The facility will try and help Seychelles fully in the recuperation of its economy. I am seeing that the recovery process is going very well and the country has been able to vaccinate 60 percent of its population,” said Amos Kipronoh.

“We are also seeing that the hotel businesses are also recovering and the bed occupancy is now very high. So we are working closely with the government to ensure a strong recovery process so that the economy becomes more resilient,” he added.

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Uganda’s Umeme has secured a $70 million syndicated loan from the International Finance Corporation (IFC), Dutch Development Bank (FMO), Standard Chartered Bank and Stanbic bank.

From the loan $28 million was from IFC, $10 million from FMO, $16 million from Standard Chartered Bank and $16 million from Stanbic bank.

Umeme chairman, Mr Patrick Bitature said the loan would partly be used to undertake capital investments to get electricity from Uganda’s newest dams.

“The planned investments are aimed at expanding the network to uptake the new generation, improve reliability and create access,” he said.

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Mr Bitature said the loan would also be utilised to prioritise Umeme’s investments in five other areas such as upgrading its network, extending power to industrial parks, building the backbone for more electricity connections to be supplied, reducing energy losses and accelerate prepayment metering.…

Uganda Development Bank (UDB) unveiled a four-year strategic plan of $500 million to provide long-term financing to the private sector.

Despite efforts from Uganda’s government of capitalising, the bank cannot meet the growing capital demand needed by the private sector. This is one of the reasons why the lender is seeking sovereign guarantees from Parliament and government to affect some of the endorsed financings from multilateral lenders such as African Development Bank (AfDB), European Investment Bank, Islamic Development Bank, French Development Organisation, Kuwait Fund, BADEA and EXIM Bank of India.

“UDB’s four-year strategic plan has three impact goals which include reducing the number of people living below the poverty line of $1.25 by 500,000 people by the year 2024, building sustainable food security by lending more to the agriculture sector and industrialisation,” said Mr Denis Ochieng the acting managing director UDB as he addressed Members of Parliament (MPs) on …