UDB injects over Shs589 billion in Uganda’s economy

By Moses Ndhaye

The Uganda development bank has disbursed a total of Shs589 billion into the country’s economy to support the growth of businesses affected by the COVID-19 Pandemic.

The Bank’s executive director Patricia Ojangole says the money was distributed between the period of August 2020 and December 2021 to particularly help businesses recover from the shocks of the COVID-19 pandemic.

She says, 78% of the said funds went into the projects such as the agro-industry, agriculture, and manufacturing.

Ojangole made the remarks while officiating at the Launch of a shs 10 billion agro-industry plant in Lira.

The plant will support local farmers in drying, cleaning, and storing of grains.

The government implemented a raft of measures to support the resilience and a faster recovery of the country’s economy.

And as part of these measures the government committed to capitalizing on the Uganda development bank with one trillion shillings out of which 585 billion shillings were extended to the bank as additional funding.

Written by Noelyn Nassuuna