Manufacturing takes biggest share of UBD loans
Ms Patricia Ojangole. Photo / File
What you need to know:
- According to UDB Shs237b was disbursed out of the Shs333b approved funding, of which Shs180b went to manufacturing
Manufacturing took the largest share of Uganda Development Bank’s (UDB) financing in the third quarter of 2022, according to Ms Patricia Ojangole, the bank’s managing director.
During the period, Ms Ojangole indicated, Shs237b was disbursed out of the Shs333b approved funding, of which Shs180b went to manufacturing.
Other allocations, she noted, went to primary agriculture, which received Shs83b while Shs48b went to agro-processing.
The two sectors took up at least 80 percent of the disbursed funds.
“The funding was allocated to 72 projects across the country and operating within UDB’s priority sectors. In line with its strategy, 80 percent of these approvals were towards projects engaged in primary agriculture, agro-processing and manufacturing,” she said in a statement at the weekend.
The quarter covered the period between July and September, in which UDB indicated that its gross loan investments had improved by 15 percent to close at Sh1.18 trillion.
Investments approved, Ms Ojangole, said had improved UBD’s approvals, rising to Shs797b since January compared to Shs479b in the same period last year.
During the period, UDB’s total assets grew by 19 percent to Shs1.44 trillion from Shs1.21 trillion due to growth in bank’s loan book, supported by government’s capitalisation and draw down of lines of credit from funders.
“During the quarter, the bank received Shs26.65b from government budgetary allocation, increasing capital receipts to Shs86.1b,” Ms Ojangole indicated.
