By Silvia Nyambura
The European Investment Bank (EIB) has extended Ushs 96 billion (Euro 28 million) to Crane Bank to provide investment loans for local firms. Under this credit line, Crane Bank corporate clients operating in various sectors will be able to apply for loans of up to a maximum amount of Euro 3.5 million. Customers also get funding of up to 50 percent of their project cost, preferential lending rates and loan terms of up to 10 years.
According to EIB Senior Loan Officer for East and Central Africa Nikolaos Miliantis, this loan is part of the bank’s broader support to business lending by commercial banks in the region.
“Investment is essential to unlock business opportunities and create employment. EIB is pleased to continue their long standing relationship with Crane Bank that enables Ugandan firms to invest in new sectors and flourish. This new loan builds on our strong track record of supporting private investment across East Africa in cooperation with leading local financial partners,