Written By |
Speaker Anite Among
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Parliament
Parliament is currently reviewing multiple loan requests aimed at capitalizing Uganda Development Bank (UDB). The proposals include borrowing from various financial institutions and providing guarantees for additional loans to strengthen UDB’s capacity to support Uganda’s development.
The proposed borrowing includes: USD 100 million from the Arab Bank for Economic Development in Africa Private Window, USD 50 million from the Arab Bank for Economic Development in Africa Public Window, USD 25 million from the OPEC Fund for International Development (OFID).
Additionally, Parliament is considering granting a guarantee for UDB to secure the following loans: USD 40 million from the Islamic Development Bank (IDB), USD 30 million from the Islamic Corporation for the Development of the Private Sector (ICD) and USD 30 million from the International Islamic Trade Finance Corporation (ITFC).
While the committee has approved borrowing USD 25 million from OFID, it has rejected the government’s request to borrow USD 150 million, which includes: USD 100 million from the Arab Bank for Economic Development in Africa Private Window, USD 50 million from the Arab Bank for Economic Development in Africa Public Window.
Following the presentation of the Minority Report on the UDB loan proposals, Speaker Anita Among has directed Minister Aringanyira Musasizi to provide the Committee on National Economy with the necessary information to facilitate the processing of UDB’s loan requests.
The outcome of these deliberations will significantly impact UDB’s ability to finance critical development projects across Uganda.
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