BADEA extends USD 150M facility to UDB
H.E. Abdullah ALMUSABEEH, BADEA President with Hon. Matia Kasaija Minister of Finance Planning and Economic Development after signing facility agreements
The Arab Bank for Economic Development in Africa (BADEA) and the Government of Uganda have signed two Facility Agreements amounting to USD 150 million to support the private sector. The signing ceremony between H.E. Abdullah ALMUSABEEH, BADEA President, and H.E. Matia Kasaija, Minister of Finance, Planning and Economic Development of Uganda, happened Thursday on the sidelines of the 41st Board of Governors of the Trade and Development Bank Group (TDB Group) in Kigali, Rwanda.
Two-thirds of this loan (USD 100 million) is secured by the Government under BADEA’s Private Sector window to support the Ugandan Development Bank Limited (UDB) in on-lending to vital sectors of the economy including agro-processing, infrastructure, manufacturing, health and education. At the occasion, H.E. Abdullah ALMUSABEEH, BADEA President said: “Today’s loan agreement with the Government of Uganda is an outstanding example of how Governments can leverage from BADEA’s available financial instruments from both the public and private sectors as well as from trade finance windows to empower the private sector and advance countries’ social and economic development agenda” said.
