Uganda Development Bank (UDB) in partnership with local contractors has issued a grant of Ugx 150Bn to boost infrastructural development with an aim of providing timely and favorable financing to Ugandan contractors.
UDB launched a call for applications for the contractors’ initiative which kick started on October 2, 2023, and closing on October 30, 2023.
Patricia Ojangole, the Managing Director of UDB, while launching the initiative on Monday, October 2, 2023, in Kampala said that, it is part of their new approach aimed at providing timely, and affordable financing to Ugandan contractors.
“This is aimed at providing targeted financial and non-financial support to improve the competitiveness of emerging and existing Ugandan contractors,” Ojangole said.
She noted that, financing difficulties and delays coupled with sourcing funds from unconventional financing sources negatively affects performance and business growth, causes contract delays and leads to poor quality work.
Engineer Andrew Muhwezi, the President of Uganda Institution of Professional Engineers (UIPE) said that, with the affirmative action in place, they anticipate a positive transformation within the infrastructure sector.
“And with ongoing projects in the country managed by local contractors, the opportunity to cultivate the next valve chain of skills becomes even more attainable,” Muhwezi said.
Elizabeth Muhebwa, the Executive Director of Uganda National Association of Building and Civil Engineering Contractors (UNABCEC) appreciated UDB for coming up with the financing initiative, which aims at alleviating challenges faced by Ugandan contractors through providing financing and technical assistance solutions.
This is after UDB identified Ugandan contractors as a crucial component of national development, which plays a pivotal role in transforming ideas into real infrastructure, services and amenities that enhance the well-being of the entire nation.
