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Thursday, 05 May 2011

EIB: EUR 40m for small businesses in Uganda

Financial support for Ugandan small and medium sized companies will be dramatically improved following a EUR 40 million finance agreement signed today between the European Investment Bank, the long-term lending institution of the European Union, and five leading Ugandan Banks. Under the Private Enterprise Finance Facility II Bank of Africa (Uganda), Centenary Rural Development Bank, Crane Bank, DFCU Bank and Housing Finance Bank will receive long-term funds in Ugandan Shillings, US dollars and Euros from the European Investment Bank to assist their lending operations to local businesses seeking to expand or invest in new activities. This new facility follows the precursor Private Enterprise Finance Facility I in the amount of EUR 30m which has been largely used before its final phase out in 2011 and which created 1,700 new jobs across the tourism, manufacturing, agribusiness, construction and education sectors.

Source: EIB