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Parliament approves Govt request to borrow Shs 200bn for ‘Strategic Development’

Parliament of Uganda in a plenary session (File Photo)

Parliament of Uganda has approve Government request to borrow sh234.78bn through Uganda Development Bank (UDB) from various international financial entities.

The breakdown of the money is $15m (sh54.18bn) from European Investment Bank, $10m (sh36.12bn) from International Islamic Trade Finance Corporation, $20m (72.24bn) from OPEC Fund for International Development and $20m (sh72.24bn) from the Arab Bank for Economic Development in Africa.

Syda Bbumba, the chairperson of the Parliamentary Committee on National Economy explained that the money is to help the bank fund its Strategic Development Plan 2020-2024.

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“The Bank intends to explore various avenues to increase and diversify its funding sources and leverage its resources to increase and catalyze investment in the initiatives detailed in its Strategic Plan,” she said during the parliament plenary session on Wednesday.

She noted that adequate and appropriate funding remains a critical success factor for UDB to achieve its strategic aspirations, stating that the Bank seeks to raise US$500 million over the 2020-2024 strategic plan period through debt and equity.

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