• Latest
UDB Earmarks Shs150bn for Ugandan Contractors

UDB Earmarks Shs150bn for Ugandan Contractors

2 years ago

Kinyara Sugar to Pay Shs17bn Cash Top Ups to Farmers

3 hours ago
UVTAB, Presidential Skilling Hub to Align Training with New TVET Standards

UVTAB, Presidential Skilling Hub to Align Training with New TVET Standards

3 hours ago
Stanbic Bank Launches 90-Day FlexiPay Cashback Explosion

Stanbic Bank Launches 90-Day FlexiPay Cashback Explosion

3 hours ago
Museveni Promises Arts Teachers Phased Pay Rise as Strike Ends

Museveni Promises Arts Teachers Phased Pay Rise as Strike Ends

8 hours ago
Museveni Issues Executive Order on Issuance of Identification Documents to Ugandan Citizens

Museveni Signs Key Tax and Trade Bills into Law

8 hours ago
UBOS Transfers Over 5,000 Tablets to Kingdoms and Universities

UBOS Transfers Over 5,000 Tablets to Kingdoms and Universities

17 hours ago
SoftPower News
Tuesday, July 1, 2025
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
SoftPower News
No Result
View All Result
Home Business

UDB Earmarks Shs150bn for Ugandan Contractors

by Rogers Atukunda
October 2, 2023
UDB Earmarks Shs150bn for Ugandan Contractors

Patricia Ojangole, Managing Director, Uganda Development Bank (UDB) addressing the media during a press conference where UGX 150 billion was earmarked for Ugandan Contractors to provide affordable and patient financing to aid contractor performance and growth. This was at the UDB Head office in Nakasero on 2nd October 2023.

6
VIEWS

Kampala, Monday – October 2, 2023: Uganda Development Bank, the country’s development finance institution, has today announced a UGX150 Billion financial commitment earmarked to provide affordable and patient financing to Ugandan contractors.

Dubbed the Ugandan Contractors Financing Initiative, the financing complemented by Business Advisory and Project Management advice services will support Ugandan contractors to access bid bonds and guarantees at favourable terms and in a timely manner.

Related Stories

Over 20 UWA Retirees Recognised for Lifelong Conservation Efforts  

Building Industry Resilience in Emerging Markets Through Development Finance

Kampala Restaurant Week 2025 Launched

Addressing the press at the UDB Head office at Rwenzori Towers, Nakasero today, Patricia Ojangole, the UDB Managing Director said limited access to patient and favourably priced working capital remains a key challenge to Ugandan contractors.

“The financing difficulties and delays coupled with sourcing funds from unconventional financing sources negatively affects performance and business growth, causes contract delays, and often leads to poor quality work among other challenges,” Ojangole said. “UDB has identified the need to provide targeted financial support to emerging and existing Ugandan contractors to aid performance and contractor growth, a testament to the Bank’s commitment to champion development impact activities that are consistent with our mandate.”

Ugandan contractors have long been recognized as a vital segment of national development, responsible for turning plans and investments into tangible infrastructure, services, and facilities that benefit communities and the nation. UDB acknowledges the pivotal role they play in Uganda’s growth and development, hence creating a platform where contractors can be guided on how to capitalize on the existing opportunities. 

On this basis, the Bank has made a call for Ugandan contractors to submit their Expression of Interest to participate in the Ugandan Contractors Financing Initiative. The call is open to Ugandan-registered contractors where Ugandans have majority shareholding. Eligible firms shall be those that undertake physical infrastructure projects within the Bank’s key priority sectors.

Under this initiative, Ugandan contractors will enjoy the following benefits: Timely access to cheaper and patient capital, Lower appraisal fees, grace periods of up to 12 months as well as lower than prevailing market interest rates at favourable terms and conditions, such as arrangement fees of 0.25%, security cover of between 50 – 100% of the bond amount, unsecured bid bonds of between 0.5 – 1 Billion, and low commission rates of 0.5% per quarter, to enable access of up to 70% of the required credit, consideration of security at market value as opposed to forced sale value – where required, Business Advisory on technical and project management skills to enable capacity building for the contractors.

For the seamless execution of the initiative, the Bank has partnered with the Uganda Institution of Professional Engineers (UIPE) which will provide leadership and direction in all policies and matters of public interest that are of an engineering nature and the Uganda National Association of Building and Civil Engineering Contractors (UNABCEC) which will support in mobilization and the due-diligence processes.

“We remain firmly committed to the development agenda of Uganda and we believe the Ugandan Contractors Financing Initiative is a new dawn and anchor to infrastructure development in Uganda. I call upon all Ugandan contractors to embrace the initiative as we reshape financing for development in the country,” Ojangole concluded.

Expression Of Interest is open starting tomorrow October 3, 2023, and will close on October 30, 2023. An evaluation committee will review the applications against the minimum requirements.  Applicant(s) who meet the minimum requirements will be categorized according to pre-approved credit limits.

Tags: Soft Power NewsUDBUganda Development Bank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


The reCAPTCHA verification period has expired. Please reload the page.

Recent Stories

Kinyara Sugar to Pay Shs17bn Cash Top Ups to Farmers

UVTAB, Presidential Skilling Hub to Align Training with New TVET Standards

Stanbic Bank Launches 90-Day FlexiPay Cashback Explosion

Museveni Promises Arts Teachers Phased Pay Rise as Strike Ends

Museveni Signs Key Tax and Trade Bills into Law

UBOS Transfers Over 5,000 Tablets to Kingdoms and Universities

Stanbic Bank Ad
SoftPower News Logo

SoftPower News is a subsidiary of SoftPower Communications LLC, a Ugandan digital media group. Keep posted of the latest from Uganda and East Africa.
Plot 4B Malcolm X, Kololo
P.O Box 1497, Kampala - Uganda
Tel: +256-392-001-701
Email: info@softpower.ug

This news site is licenced by Uganda Communications Commission (UCC)

ADVERTISEMENT
Stanbic Remittance Ad
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
  • Regional
  • Defence & Security
  • Sport
  • Entertainment
  • More

© SoftPower News

error: Content is protected
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women

© SoftPower News