Uganda Development Bank Limited (UDB) has entered a partnership with Post Bank Uganda Limited to enhance industries that are engaged in the manufacture of essential items in the economy. The agreement was signed by Patricia Ojangole, Managing Director UDB and Julius Kakeeto, the Managing Director Post Bank Uganda Limited 8th September 2020 at the UDB Head Office at Rwenzori Towers, Nakasero.
Against the backdrop of National Development Plan III and the Government of Uganda’s Industrialization Strategy for Uganda, UDB has developed an Import Replacement and Export Promotion Strategy that is intended to catalyze the process of industrialization with the view to transforming the economy to a modern and industrialized status that can sustainably generate sufficient industrial outputs that satisfy domestic, regional and foreign markets, and rapidly increase household incomes to improve the living standards of Ugandans.
Both financial institutions share a mutual objective to enhance the effectiveness of their development efforts towards import replacement and export promotion through industrialization. To this end, UDB’s partnership with Post Bank as an implementing partner involves the provision of a line of credit for Post Bank’s onward lending to eligible entities.