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The Minister of State for Foreign Affairs (Regional Affairs), Hon. John Mulimba has revealed that the Ministry of Foreign Affairs will reduce the number of diplomatic missions abroad from the…
A report of the Committee on Finance, Planning and Economic Development reveals that it will take government 12 years to clear domestic arrears of over Shs13.8 trillion. The report presented…
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The Government of Uganda through Ministry of Energy and Mineral Development and Energy Credit Capitalisation Company (UECCC) has officially launched its Results-Based Financing/Price Subsidy (RBF) Programme as part of the Electricity Access Scale-up Project (EASP). The launch, which took place on Thursday, December 5, 2024, at Kiboga District Administration Grounds, comes just a month after UECCC announced a partnership with Energy Service Companies (ESCOs) to extend price subsidies for clean energy technologies. The programme, funded by Government of Uganda and World Bank, will run until June 30, 2027, and is aimed at increasing access and adoption of clean energy through…
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Money lenders and some private sector players have warned of dire consequences to the economy over the new interest cap of 2.8 percent per month for money lenders instituted by the Uganda Microfinance Regulatory Authority (UMRA) and approved by the Ministry of Finance. Jonan Kandwanaho, the Chair of the Association of Money Lenders in Uganda (AMLU) said his team is considering court action, while other options are still being discussed since there were no prior consultations made to stakeholders. UMRA, Ministry of Finance and money lenders have been in a cat and mouse relationship over the last few years over…
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A significant boost to regional economic integration has been announced, following a two-day Finance and Private Sector Participation Cluster Regional meeting in Kampala, Uganda. The meeting, attended by delegations from Kenya, Rwanda, South Sudan, and Uganda, reviewed and updated the implementation status of directives on finance and private sector participation under the Northern Corridor Integration Projects (NCIPs). Mr. Patrick Ocailap, representing Uganda’s Minister of Finance Matia Kasaija unveiled an array of impressive achievements in the country’s implementation of the NCIPs. In the rail sector, he said Uganda had acquired 58% of the right-of-way for the Standard Gauge Railway (SGR) on…
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The 2024/2025 financial year is here and the Government’s fiscal strategy aims at attaining inclusive economic growth, while maintaining a stable macroeconomic environment and preserving debt sustainability; it will require sh72 trillion. As an infrastructure financing enthusiast, I am happy with the Government’s goal of achieving fiscal strategy through continued investment in public infrastructure for inclusive growth — that is the right way to go. Public infrastructure is wide, but the most important aspects would cover transportation (bridges, roads, airports, rail transport), water (water supply, water resource management, sewage and drainage systems) and energy—power generation and distribution. Given the revenue…
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PostBank Uganda’s agriculture loan book has registered commendable growth of 70% over a four-year period, from UGX 107 billion in 2021 to a 70% growth rate by June 2024. This impressive performance can be attributed to several factors, including; favorable lending rates, government support, and other contributing elements. The Supervisor Agriculture and Partnerships at PostBank Uganda, Julius Akais attributed the impressive performance to several factors including, targeted financial products and value chains such as coffee, poultry, cattle keeping, grain trade (maize), and well-structured Agriculture loans that match the business or project cycle. He also noted other factors such as financial…
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