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Uganda Development Bank Ltd (UDB), the country’s national Development Finance Institution has released its 2023 results, reporting what the bank says is a “continued pivotal role in fostering economic resilience and sustainable growth across key sectors of the economy”. According to the results, released during the Annual General Meeting held at the Ministry of Finance, Planning, and Economic Development, the Bank continued to grow, with total assets closing at UGX1.67 trillion in 2023, a 10% uplift from UGX1.52 trillion the previous year. This was largely boosted by growth in new loans⏤ new loans disbursed in 2023 amounted to UGX610 billion,…
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Parliament of Uganda has approved a request for government to borrow up to US$331.5 million (UGX1.23 trillion), from the International Development Association of the World Bank Group, upon which it will obtain a grant worth US$ 276.5 million. The loan is for financing the Electricity Access Scale Up Project (EASP), whose aim is to increase access to electricity nationwide. While presenting loan request to Parliament, the Minister of State for Planning, Amos Lugoloobi, said the EASP envisages an increase in access to electricity from the current 19 per cent to 44 per cent by 2027. “In this, the project forecasts…
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Namanve-based Yuti Breweries is frothing with excitement over its latest accolades. Highly consumed brand Torrero Liqueur has for the second year running awarded best locally blended liqueur at the People’s Choice Quality Awards presided over by Amos Lugoloobi – State Minister of Finance Planning and Economic Development at the Kampala Serena Hotel. People’s Choice Quality Awards is an organization in Uganda that recognizes business excellence annually by conducting comprehensive and objective independent market research surveys. The panel of judges were impressed by the distinctive, flavourful drink with the perfect balance of sweet blend that achieves smoothness and refreshment that everyone…
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Oner Fruit Juice, a product of Hariss International, has, for the second time, been recognized as Best Fruit Juice at the People’s Choice Quality Awards. The award comes after the company introduced a cost-friendly 300 ml Oner size to the Oner Fruit Juice family. Since its inception, Oner fruit juice has been widely accepted by different market segments and continues to stand the taste of time. Oner fruit Juice comes in flavours of Apple, Mango, and grapes & berries and is now available in sizes of 300 ml, 500 ml, and 1 litre at recommended retail prices of UGX 1500,…
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FINCA Uganda in partnership with National Forestry Authority (NFA) have embarked on a forest restoration initiative worth UX 100,000,000 restoring sixty (60) hectares (ha) of forest land. This corporate social responsibility program is in commemorate FINCA’s 30th anniversary in Uganda. The exercise will cover a period of five (5) years and the restoration planting will be spread ten (10) central forest reserves across the country. The first restoration planting was launched in Bajo Central Forest Reserve (CFR) in Bbaale constituency – Kayunga district. Bajo CFR covers a total of 3,373 ha, gazzetted in 1932 as a catchment area for R….
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The government of Uganda has announced the introduction of new taxes so as to shore up revenues that will finance the new budget for Financial Year 2021/2022. Amos Lugoloobi, the newly appointed State minister for finance in charge of Planning, who presented the 2021/2022 financial year budget on Thursday, 10 June 2021 said domestic revenue for next financial year is projected at Shs22.425 trillion, equivalent to 13.8% of GDP, compared to a projected outturn of Shs19.432 billion, equivalent to 13.1% of GDP in FY 2020/21. “Accordingly, I will highlight some tax policy interventions which will be implemented in Financial Year…
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