Development bank gets Shs54b for local projects

Makerere University students in a computer laboratory recently. Education sector is expected to benefit from the funding. PHOTO BY ALEX ESAGALA

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Deal. Some of the businesses to be considered for financing are in the agricultural, education and health sectors.

Kampala. The Uganda Development Bank Limited (UDBL) has concluded negotiations with The Arab Bank for Economic Development in Africa (BADEA) to secure Shs54.08b ($16m) for financing several projects.
The BADEA team concluded the agreement with UDBL on Tuesday with the facility focusing on projects in the agribusiness, manufacturing, education and health sectors.
“We are happy with the tremendous job UDBL is doing for Uganda. We believe we have the right partner with them and this facility will go a long way in concretising our long working relationship while helping businesses to prosper,” Dr H A Elbashir, the BADEA team leader, told the management of UDBL.
UDBL, the only wholly owned government development bank, is now at the forefront of the ambitions of the government to provide lower interest financing to several strategic sectors in the economy.

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