Uganda Development Bank to Support 19 Companies in Bunyoro
- Written by Earthfinds
- Published in Finance
- 0 comments
By George Busiinge
At least 19 companies in Bunyoro sub-region are set to benefit from Uganda Development Bank (UDB) financial support.
Speaking during an annual media briefing organized by UDB at Bwendero Dairy Farm, one of the bank’s development partners, Joshua Mwesigwa, the Director of Strategy UDB says the bank has approved new loan applications for different companies.
He says the approved loan is Sh984 billion adding that the loan was increased from Sh635 billion from the year 2021 to 2022.
He notes that the industrial sector, comprising manufacturing and agro-industry received the highest number of approvals worth Sh454.75 billion with primary agriculture receiving Sh96.75 billion.
Mwesigwa adds that the approved funds will support 249 projects and these projects are expected to create 35,372 new jobs. He added that sh9.3 trillion worth of output value, turnover from the business financed.
He noted that the approved funds will support 249 projects and these projects are expected to create 35,372 new jobs. He added that sh9.3 trillion worth of output value, turnover from the business financed.
Mwesigwa added that they also expect to generate Sh393.79 billion in tax revenue for the government and attract foreign exchange earnings equivalent to Sh1, 579 billion.
He explained that last year, 19 projects were approved in Bunyoro region worth Sh18.3 billion adding the investment will create 432 jobs in the region.
He says that the initiative is aimed at promoting and developing the key growth and priority sector of the economy which include agriculture both primary and Agro-processing, manufacturing, tourism and targeted intervention to support infrastructure and human capital development.
John Magara, the director of Bwendero Dairy Farm says with the support of UDB, they moved into industrial development.
He says they have managed to install a sugar plant that produces 750 tons of sugarcane per day and established a sugarcane plantation on 2500 acres as well as registering 257 sugarcane out-growers.
He adds that with the partnership with UDB, BDF has contributed at least Sh6bn in taxes over the last 5 years and purchased 86974 tons of Sugar cane from farmers which amount to Shs8.6bn.
Grace Mary Mugasa, the State Minister for Public Service has commended UDB for supporting citizens to be able to engage in industrialization.
However, she challenged the people of Bunyoro not only to focus on growing sugarcane but only get interested in production of food.
The state minister for Bunyoro Affairs Jenifer Namuyangu commended the Bwendero Dairy Farm for embracing industrialization.
Latest from Earthfinds
- How Domestic Gas Production Can Help Mitigate South Africa's Energy Crisis
- Understanding South Africa's Energy Crisis
- Here Is Why Government Should Prioritize Investing In Clean Energy
- Uganda Set To Host 10th East African Petroleum Conference And Exhibition
- Friday Night Road Accident Claims Life Of Hoima's LC5 Chairperson