UDB enters EUR 15m Cooperation with EIB for female economic empowerment

By George Mangula

Uganda Development Bank (UDB) has entered a partnership with European Investment Bank (EIB) to support private investment across the country. The new cooperation, supported by EUR 15 million from EIB, represents the first dedicated financing intended to reduce gender inequality and encourage economic empowerment of women backed by the world’s largest international public bank in East Africa.

“UDB is pleased to partner with the European Investment Bank to improve access to finance by entrepreneurs across Uganda. The historic line of credit agreed today will unlock EUR 15 million of new investment and improve access to long-term financing in both local and foreign currency. As public banks both the Uganda Development Bank and European Investment Bank are committed to supporting sustainable development. The new cooperation based on global standards will enable thousands of women in Uganda to make an ever-greater contribution to socio-economic development,” said Patricia Ojangole, UDB’s Managing Direrctor.

This first ever gender-focused line of credit backed by the European Union’s long-term lending institution will both support investment by companies owned or led by women and improve access to products and services that contribute to gender equality.

This initiative is in line with UDB’s strategy to enhance our capacity to support projects that promote inclusive growth in the country ultimately leading to generation of socio-economic impact. “It is also a reflection of Uganda’s National Development priorities and will enable long-term business loans to be provided in both Ugandan shillings and US dollars. Foreign currency loans will be available for up to 10 years and local currency for a maximum tenor of 7 years.