The Ugandan Minister for Finance and Economic Development, Matia Kasaija, has expressed gratitude to private financial entities such as Centenary Bank for their consistent support in enhancing the economic status of the populace.
During a ceremony at Mapeera House in Kampala, which marked the collaboration between the European Investment Development Bank and Centenary Bank, Kasaija, represented by Ramathan Ggoobi, the Permanent Secretary of the Ministry of Finance, highlighted the significance of the €100 million loan. He emphasized that this loan is expected to drive significant progress, complementing the government’s initiatives to bolster women entrepreneurs and small-scale businesses.
Kasaija urged the private sector to leverage this partnership to create opportunities, overcome business challenges, and contribute to a thriving society. He stressed that the investment should aim to foster resilience, innovation, and the capacity of individuals to engage in the nation’s economic growth.
He further remarked that prioritizing women and small enterprises is in line with the national strategy to empower women economically and to develop micro businesses as a foundation for enhancing household incomes.
Ggoobi noted that Uganda’s recent removal from the Financial Action Task Force’s grey list signifies the country’s status as a secure investment destination.
Jan Sadik, the European Union Ambassador to Uganda, disclosed that the €200 million credit facility provided to Centenary Bank is the largest sum the European Investment Bank has ever allocated to a financial institution in Africa, reflecting Centenary Bank’s distinct approach.
Sadik praised Centenary Bank for its commitment to serving rural communities, acknowledging its receipt of loans and technical support to effectively cater to its clientele.
He pointed out that Centenary Bank’s focus on female clients and micro enterprises, as well as its outreach to rural customers, aligns with the European Union’s priorities.
Fabian Kasi, the Managing Director of Centenary Bank, reported on the bank’s longstanding collaboration with these partners, which has spanned over 15 years and aimed at improving the welfare of the community.
Kasi shared that the cumulative support received, amounting to €61.1 million, has had a transformative impact on the lives of their clients. The joint effort with the European Investment Bank will be a boon for micro, small, and medium-sized enterprises in Uganda, with a combined allocation of €100 million dedicated to fostering the development of the private sector.
This financial support represents not only an investment but also a commitment to the nation’s prosperity, with a particular focus on empowering women and supporting the rural areas of Uganda.
