The Director Investments, Uganda Development Bank, Mr. Mahamoud Andama, on Wednesday 30th January 2019 handed over Plant and Equipment the bank has financed worth USHS 9.125bn to Abubaker Technical Services and General Supplies Ltd. The beneficiary is a Civil Engineering and Construction Works company. The hand-over took place in Kigombya, Mukono District at the client’s offices.
The Plant and Equipment financed include an asphalt plant, stone-crushing plant, cat loaders, excavators among others. This project has been financed through UDB’s Asset Finance product, one of several others designed to support various business needs in Uganda. The Asset Finance product is tailored for acquisition of qualifying assets that aid production and/ or value addition in key sectors. “UDB is committed to supporting our local investors in a quest to grow the SME sector and ultimately contribute to socio-economic development,” Andama remarked.
The Managing Director, Abubaker Technical Services expressed gratitude to the bank for the support and seamless efficiency. “We thank UDB for making this acquisition possible, it is going to enhance our ability to execute various road construction contracts in various parts of the country including Mbarara, Hoima, Fort Portal, Wakiso and several other districts” the Managing Director said at the hand-over event. The Engineering firm aims at becoming the leading local construction company in Uganda.