Uganda Development Bank has announced that it is offering up to Shs150bn to support and enable the growth of Ugandan contractors. The state-owned bank said it offers timely and cheap patient financing as well as favourable terms for accessing big bonds and guarantees.

The UDB contractors’ financing initiative is aimed at providing targeted financial and non-financial support to improve the competitiveness of emerging and existing Ugandan Contractors.

“The financing difficulties and delays coupled with sourcing funds from unconventional financing sources negatively affect performance and business growth, cause contract delays, and lead to poor quality work,” Patricia Ojangole, the Managing Director of UDB, said during the launch.

The announcement for expression of interest in the Ugandan Contractors’ Initiative will be rolled out on 2nd October 2023 closing on 30th October 2023. UDB will give priority to companies that belong to Ugandans or when Ugandans are the leading shareholders.

Elizabeth Muhebwa, the Executive Director of the Uganda National Association of Building and Civil Engineering Contractors (UNABCEC), partnering with UDBL exemplifies the shared vision of driving economic development through construction excellence. 

This finance initiative stands as a testament to our dedication to the development of the construction industry, Muhebwa noted.

“I want to thank UDBL for coming up with this financing initiative whose aim is to alleviate the challenges faced by Ugandan contractors through providing financing and technical assistance solutions,” Muhebwa said.

Uganda Development Bank is the country’s national Development Finance Institution (DFI) with a mandate to accelerate socio-economic development through sustainable financial interventions.