Uganda Development Bank has received credit worth $26 million from the Islamic Development Bank and Arab Bank for Economic Development in Africa for onward lending to Small and Medium Enterprises in Uganda.
President of the Islamic Development Bank Group, Bandar Hajjar and Chief executive officer Uganda Development Bank,Patricia Ojangole, jointly signed the financing agreements.
Ojangole said the signing was a significant milestone to grow enterprises in Uganda.
Uganda Development Bank received $10 million from Islamic Development Bank and an additional $16 million from the Arab Bank for Economic Development in Africa.
