Browsing: The Uganda Development Bank Limited

Uganda Development Bank unveils $500 plan for lending

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 …