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Arab Bank for Economic Development in Africa partners with UDB through a USD 16.0 Million Financing Facility.

posted 24 Nov 2016, 04:12 by David Tamale   [ updated 24 Nov 2016, 05:58 ]
BADEA Mission to UDBL - Ahmed Abdelrahman Tageldin, Dr. Hasab Elrasoul Elbashir, Patricia Ojangole UDBL CEO, Khalid Ahmed Mohammed

The Arab Bank for Economic Development in Africa (BADEA) has been in Uganda as part of the mission to finance Uganda Development Bank Limited (UDBL) to a tune of UGX 54.08 Billion (USD 16.0 Million). The facility will target manufacturing and agro-processing as well as trade finance related business in Uganda.

BADEA has previously funded UDBL in meeting its obligation to profitably financing enterprises in key growth sectors of the economy including:
  1. Agriculture sector – agro-businesses
  2. Manufacturing sector
  3. Education sector
  4. Health Sector 5. Forestry
While in the country, the BADEA mission led by Dr. H A Elbashir – Chief Private Sector Operations - met with senior officials from the Ministry of Finance, Planning and Economic Development and the Bank of Uganda.

Speaking to the UDBL senior management, Dr. H A Elbashir the BADEA Team Leader expressed his appreciation at the partnership and long running relationship with UDBL. He said "We are happy with the tremendous job UDBL is doing for Uganda. We believe we have the right partner in them and this facility will go a long way in concretizing our long working relationship while helping businesses to prosper"

On her part, the UDBL CEO Mrs. Patricia Ojangole expressed her satisfaction with the support and commitment shown by BADEA over the years. 'BADEA has been a committed development partner of UDBL and Uganda at large. I can confidently assure you that this partnership will benefit Ugandan entrepreneurs by providing affordable credit which will go a long way in helping the Bank execute its mandate in the key growth sectors of the economy''.

BADEA is a development partner with the Government of Uganda with financing intervention traversing infrastructure development projects including roads, bridges, water, power and urban development.