The Uganda Development Bank (UDB) has signed a USD 30 million (about Shs109,412,100,000) line of credit agreement with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group.
The agreement was signed by Dr. Patricia Ojangole, Managing Director of UDB, and Khalid Khalafalla, Acting CEO of ICD, on the sidelines of the IsDB Annual General Meetings.
This partnership is a significant milestone in UDB’s efforts to mobilise resources and enhance access to affordable and patient capital for the private sector.
Driving Uganda’s Economy
The facility will finance eligible projects in UDB’s priority sectors, including:
Agriculture
The funds will be used to support agricultural projects that will increase food production, improve food security, and create employment opportunities.
Industry
Financing industrial projects that will promote economic growth, create jobs, and increase Uganda’s competitiveness.
Services
It will also be used in supporting service-oriented projects that will contribute to the country’s economic development and improve the quality of life for Ugandans.
Infrastructure
The line of credit will be used in financing infrastructure projects that will improve the country’s physical infrastructure, facilitate economic growth, and enhance the business environment.
Enhancing Access to Affordable Capital
The partnership between UDB and ICD will enhance access to affordable and patient capital for the private sector, which is a key driver of Uganda’s socio-economic transformation.
By providing financing to eligible projects, UDB and ICD aim to promote economic growth, create jobs, and improve the quality of life for Ugandans.
The USD 30 million line of credit agreement between UDB and ICD is a significant step towards driving Uganda’s economy.
By financing eligible projects in key sectors, this partnership will promote economic growth, create jobs, and improve the quality of life for Ugandans.
UDB’s efforts to mobilise resources and enhance access to affordable capital for the private sector will contribute to the country’s socio-economic transformation and development.