Uganda’s green finance conversation is evolving beyond pilot projects to focus on scaling real, investable solutions. This shift was evident at the Uganda Green Enterprise Finance Accelerator (UGEFA) Dialogue Forum,…
Uganda Development Bank (UDB) and Ministry of Finance will this week hold a meeting aimed at structuring a plan for the repayment of a UGX 10.5 billion loan due to Ndere Cultural Centre. The meeting follows attempts by UDB to resume recovery proceedings against Ndere Cultural Centre, six months after the Ministry of Finance, in September last year, committed to clear outstanding loan balances by December 2024. The loan, initially contracted directly between Ndere Cultural Centre and UDB, has become a subject of inter-ministerial debate following a presidential directive and a subsequent letter of comfort issued by Finance Minister Matia…
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The cultural jewel that is Ndere Centre, home of Uganda’s internationally acclaimed Ndere Troupe, is teetering on the brink of foreclosure, despite a Presidential directives aimed at rescuing it from…
A consortium of commercial banks has initiated proceedings to auction off several prime properties belonging to the late billionaire businessman, Apollo Nyegamehe, popularly known as Aponye, in a sweeping debt recovery effort targeting loan arrears exceeding UGX 15 billion. According to sources close to the matter, dfcu Bank and the Uganda Development Bank (UDB) are among the financial institutions actively pursuing recovery of non-performing loans that were extended to Aponye’s business empire, primarily through his flagship company, Aponye (U) Limited. The debt portfolio, which has grown due to interest accumulation and prolonged non-repayment, is reportedly higher than initially estimated, with…
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Bob Bonabo Munene, a development economist has been appointed as a non-executive director to the Uganda Development Bank Board, CEO East Africa has learnt. UDB is the country’s national Development Finance Institution (DFI) with a mandate to accelerate socio-economic development in Uganda through sustainable financial interventions. The Bank is mandated to support projects within the private sector that demonstrate the potential to deliver high socio-economic value, in terms of job creation, improved production output, tax contribution and foreign exchange generation, among other outcomes. Mr. Bonabo, according to our sources, is an economist with more than 14 years of experience in…
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The month of May in which the International Labor Day falls, is a fantastic opportunity for all managers to reflect on the role and importance of every employee in the workplace. Today, the world of work has evolved and continues to do so, particularly in the face of technology. There is a healthy mix of white and blue-collar jobs. White-collar jobs, akin to blue-collar, require that people work harder, and oftentimes, for longer hours than ever before, to adapt to stretch work demands and/or economic realities. It is not exceptional anymore that one will find themselves working beyond the official…
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Uganda Development Bank (UDB), the country’s key strategic partner in delivering socio-economic transformation through sustainable financial interventions, on April 4th launched the UDB Climate Finance Facility (CFF)⏤ a strategic Fund that will make available affordable finance that aims to promote climate-smart agriculture, ensure climate resilient infrastructure and low carbon industries. Addressing guests at the launch, the Managing Director UDB Ms. Patricia Ojangole said “the increasing threat of climate change and environmental degradation has the potential to present high socio-economic risks to the economy”. “As the impacts continue to manifest through floods, drought, landslides, animal and crop epidemics among other signs…
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Over the years, financial inclusion has emerged as one of the key drivers of inclusive socio-economic development, especially in developing countries. The human development discourse is therefore incomplete without addressing issues of financial inclusion. This is because creating an adequate level of financial inclusion enables individuals and entities to fully participate in the national economy. Specifically, financial inclusion, or an inclusive financial market, especially in digitised form, reduces inequality by facilitating consumption, payments and money transfers, and business operations as well as realising the benefits from financial products such as savings and credit. Financial inclusion also promotes the growth of…
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BDF was started by the late Hon. Caesar Joseph Magara in 1964, on a small piece of land in Kitoba village, Hoima district. Caesar Magara was a Member of Parliament in the 1980s. When he passed on, the family inherited the business with John Fitzgerald Magara, as the Managing Director. The other children are also involved in the running of the business as directors. The family expanded the farm and continued selling unprocessed milk. Later on, BDF diversified into the manufacturing of Extra Neutral Alcohol (ethanol)- an important base for spirits and alcoholic beverages, within the food and beverage industry,…
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At a time when post-Covid-19 private sector credit growth remains constrained with mild growth in a select few sectors, Uganda Development Bank (UDB) has reported a 52% gross loan portfolio growth from UGX851 billion in December 2021 to UGX1,298 billion in December 2022. This was, on the back of a 40% growth in the value of new loan applications approved to receive funding that grew from UGX635 billion to UGX894 billion and an 81% growth in total disbursements from UGX428 billion to UGX776.6 billion in the same period. The industry sector (comprising of manufacturing and agro-industry) received the highest number…
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