IN PICTURES: UBA launches sh1 trillion export credit facility

UBA | CREDIT FACILITY | MANUFACTURING | PROMOTION

The Uganda Bankers Association (UBA) has set up a sh1 trillion export credit facility to promote manufacturing and export promotion in the country.

Speaking at the launch of the facility at Serena Hotel on Tuesday, October 18th, 2022, Sarah Arapta, the UBA chairperson and the Citibank Managing Director, said Uganda as a country has established a strong manufacturing sector that can supply the region.

Participants attend the official launch of the regional export facility at Serena hotel On October 18 2022

Participants attend the official launch of the regional export facility at Serena hotel on October 18 2022

Odrek Rwabwogo entrepreneur and a special adviser to Ugandan President

“The credit facility will thus plug existing gaps, facilitate production and provide funding to power the entrepreneurial ecosystem through fostering growth and harnessing associated trickle-down benefits,” Arapta said. The facility is in line with the National Development Plan 111, which emphasizes manufacturing sector development.

Participants Attend the Official Launch Of The Regional Export Facility At Serena Hotel On October 18 2022

Wilbrod Owor Executive Director Uganda Bankers’ Association

Wilbrod Owor, the Chief Executive Officer of UBA, noted that Ugandan businesses continue to encounter challenges in credit access to expand because the available facilities are expensive due to risks related to repayment. He said the facility would go a long way to help.

Participants Attend The Official Launch Of The Regional Export Facility At Serena Hotel On October 18 2022

Participants Attend The Official Launch Of The Regional Export Facility At Serena Hotel On October 18 2022

Sarah Arapta Wojega Managing Director citi Bank and chairperson Uganda Bankers’ Association

“There will be no maximum limit on borrowing. It is based on the borrower's needs and open to everyone dealing in production for export,” Owor said, adding that to access credit, the borrower will be required to have an active account with the lending bank to confirm their ability to pay back.

Stephen Asiimwe Executive Director Private Sector Foundation Uganda

Participants attend the official launch of the regional export facility at Serena hotel on October 18 2022

Tumubweine Twinemanzi Bank of Uganda Executive Director Supervision

He said that the export credit facility would be operational as of November 1, 2022. “It will lend at 1 percent per month and 12 percent per annum and the tenure is from three months to five years depending on the purpose and structure of the loan,” he said.