EUROPEAN INVESTMENT BANK OFFERS UGX 45 BILLION SHILLINGS THROUGH HOUSING FINANCE BANK FOR UGANDAN COMPANIES – UGANDA SAFARI NEWS:
The European Investment Bank has always supported companies across East Africa and Uganda inclusive through offering investment capital. This support is directed at Small Medium Enterprises including tour and travel companies that are aimed at increasing safaris to Uganda. As part of this initiative, the European Investment Bank of recent approved UGX 45 billion about EUR 13million for the second time through the Housing Finance Bank for the support of local firms.
This new credit initiative is targeting the companies involved in agriculture, manufacturing and tourism sector that deals in safaris in Uganda. During the signing of this joint venture between the European Investment bank and Housing Finance Bank, the Managing Director of Housing Finance Mr. Mathias Katamba acknowledged the support saying that the support for SME in sectors of agriculture, construction, education, tourism and manufacturing is very important. The Housing Finance Bank’s method of improving its customer value proposition and broadening its network so as to continue delivering innovative and accessible market led financial remedies in Uganda will be invigorated by the 45 billion Uganda Shillings and technical assistance that will accompany it.
The Vice president of the European Investment Bank Pim Van Ballekom noted that Small and Medium enterprises need to invest so as to broaden the employment base and venture into more business opportunities. Tourism for example contributes a great percentage to global jobs so if the same case is replicated in Uganda taping the expenditure of Uganda safari undertakers, it would definitely create more jobs and enhance revenue. With this continued initiative, it can be noted that Europe is interested in supporting economic transformation in Uganda. The attempt by European Investment Bank will definitely benefit Ugandan companies which will complement the past support to infrastructure and clean water supply in Uganda.
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