African Development Bank to fund SMEs

The African Development Bank (AfDB) has approved sh74.2b loan to the Uganda Development Bank Ltd to support Ugandan entrepreneurs, including small and medium businesses.

This loan is expected to benefit entrepreneurs involved in manufacturing and agro-processing. The money is for online lending and people will be allowed to borrow the money to import machinery and farm inputs and pay back later. This is one of the interventions by the government regarding the high interest rates being charged by commercial banks in Uganda

AfDB said the financial support will enhance Uganda’s private sector development as businesses of beneficiaries and revenues grow, with the associated positive impact on the Government’s tax income

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