Published: May 5, 2011
€40mn for five local banks to support SMEs.
The European Investment Bank (EIB) has provided €40mn to five banks in Uganda to support small and medium-sized businesses in the country.
Bank of Africa (Uganda), Centenary Rural Development Bank, Crane Bank, DFCU Bank and Housing Finance Bank will use the funds to help local businesses expand their operations or invest in new activities.
Plutarchos Sakellaris, EIB’s vice president for Africa, said the funds will help build sustainable economic development in Uganda and create jobs.
This is the EIB’s latest private sector funding initiative in Uganda, which has seen the organisation invest €190mn in the country in the past 20 years.