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French Ambassador Impressed by Impact of Agric-Financing Extended Through Pearl Bank
Mbarara, Uganda | NEWS CORRESPONDENT | Pearl Bank and AFD have formalised a partnership for a concessional credit line of €15 million Sh60 billion and an additional €1 million (Sh4 billion) in technical assistance aimed at boosting agricultural micro, small, and medium enterprises (MSMEs), smallholder farmers, and SACCOs.
Following last October’s completion of the working arrangement for the partnership, Pearl Bank, whose purpose is to foster prosperity for Ugandans, together with the delegation from Agence française de développement, AFD (the French Development Agency), led by Virgine Leroy, Ambassador of France to Uganda, paid a visit to some of the key beneficiaries under the ongoing partnership with Pearl Bank, in Mbarara this week.
During the engagement with Rwanyamahembe SACCO members, Head Financial Institutions and Social Enterprises at Pearl Bank, George Williams Walusansa said, “Agriculture continues to play a central role in the growth of our economy. It employs over 70% of our population who are directly or indirectly involved, and it forms part of the ATMS (Agro-industrialization, Tourism, Mineral Development, and Science, Technology & Innovation) as key drivers of the Tenfold Growth Strategy to expand the economy from USD 50 billion to USD 500 billion by 2040.”
He added, “With the success stories that have been shared by Rwanyamahembe SACCO and other farmer groups across the country, we are confident that with the right financing, we can create a great impact and complement the government’s effort to grow the economy to the USD 500 billion 2040 target. “
Over 170,000 individuals and farmer groups have been supported, and this includes the 12,000 beneficiaries of the Rwanyamahembe SACCO and other farmer groups across the country, like Kyamuhunga Peoples’ Co-Operation with about 13,000 beneficiaries, Ebo Co-Operative Savings with 120,000 beneficiaries, to mention a few.
Virginie Leroy, Ambassador of France to Uganda, was impressed by the impact that has been registered so far since the partnership was initiated in October 2025, highlighting that through this initiative, France is investing in Uganda’s farmers, cooperatives, and rural entrepreneurs who are the driving forces behind the country’s agricultural sector.
Marc Trouyet, the Country Director for AFD in Uganda, applauded the long-term partnership with Pearl Bank and the positive outcomes attained through the financial facility extended, which are a testament that once there is access to the appropriate financing, we can unlock new energy and investment across Uganda’s agribusiness sector, that is, from smallholder farmers and SACCOs, to women and youth.
“We acknowledged AFD’s support and pledge the bank’s continued efforts in designing accessible products and services that not only enable participation in the critical sectors like agriculture, but also create tangible positive outcomes like employment, financial inclusion, food security, trade opportunities within the country, and exports to the regional markets, which ultimately translate into social-economic development of Uganda,” Walusansa concluded.
As a homegrown bank, Pearl Bank’s purpose is to Foster Prosperity for Uganda, which it implements through its two high-impact goals: driving sustainable financial inclusion and stimulating entrepreneurship & enterprise.
