Uganda’s renewed commitment to capitalize Uganda Development Bank Limited (UDBL), coupled with borrowers’ good behavior of paying back loans has helped the state-owned bank to be rated as a strong financial institution, scoring B+ with stable outlook.

Patricia Ojangole, managing director of UDBL on Tuesday said the Fitch Ratings believes the sovereign funding guarantees that the bank receives will remain in place over the medium term.

“The bank’s policy role and strategic importance to the state is also evidenced by the government’s annual capital contributions, which have been committed until 2022,” Ojangole said.

Government committed to capitalize UDBL with 500 billion shillings (138.9 million U.S. dollars) and so far 274 billion shillings (76.1 million dollars) has been disbursed to the bank to give long-term finance needed by borrowers. Enditem


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