Kampala, Uganda | THE INDEPENDENT | The financial sector forecast is that the full effect of the Covid-19 pandemic will be realized in the next two years when investments and projects that were started earlier were supposed to have started yielding returns. The real bad effect of the pandemic has not …
Read More »Uganda’s addiction to borrowing
Why our country continues to take more and more loans and what this means for the economy THE LAST WORD | ANDREW M. MWENDA | Uganda is at a crossroads. Early this year, government passed a budget of Shs32 trillion for the 2020/2021 Financial Year. It also projected to collect …
Read More »Key gov’t projects slowed by greed, lengthy procurement processes
Kampala, Uganda | THE INDEPENDENT | State agencies overseeing infrastructure development have put the blame on the errant government officials and the procurement regime for the delays in implementing public infrastructure projects. This comes after Finance Minister Matia Kasaija challenged Prime Minister Dr Ruhakana Rugunda to find ways of ensuring …
Read More »Parliament tasks finance ministry to investigate platinum credit, bayport
Kampala, Uganda | THE INDEPENDENT | Parliament has tasked the Finance Ministry to investigate Platinum Credit Limited and Bayport for alleged exploitation of borrowers. Platinum Credit Limited is a micro finance company that offers emergency loans to borrowers among others. Bayport on the hand offers short term loans, medium-term loans, …
Read More »AU mulls guarantee scheme for small businesses to spur economic transformation
Nairobi, Kenya | XINHUA | The African Union (AU) is planning to put in place a guarantee scheme for micro, small and medium-sized enterprises (MSME) to speed up the continent’s economic transformation, an official said on Wednesday. Amine Idriss Adoume, director in charge of delivery program and coordination at the …
Read More »Don’t use money-generating assets as collateral for bank loans – Expert
Kampala, Uganda | THE INDEPENDENT Businesses should desist from putting their main income generating assets as collateral to get loans from banks, an expert has said. Sarah Mbinji, an International Finance Corporation trainer, said on Wednesday that using your cash-cow asset as security to get a loan would be akin to …
Read More »BoU lists banks with lowest lending rates on loans
Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has named commercial banks charged borrowers lowest rates between January and June 2020, effectively making them the cheapest lenders for debtors to run to. Absa bank, Baroda, Bank of India, Citibank, Ecobank, NC Bank, Stanbic Bank, Standard Chartered Bank, United Bank of …
Read More »Police cyber team probes loan scam affecting over 6,700 people
Kampala, Uganda | THE INDEPENDENT | Police forensic and cyber teams are probing circumstances under which more than 6,700 people including police officers and teachers lost their money in loan scams over the last one year. It is alleged that the police officers, teachers and other public servants were …
Read More »MPs defer UGX 990 Bn loan for irrigation, enterprise development
Kampala, Uganda | THE INDEPENDENT | Parliament has delayed the approval of funding amounting to 990 billion Shillings to finance the construction of irrigation schemes, drainage channels and dams as part of a new climate-resilient irrigation project. The project is expected to benefit 63,200 smallholder farmers in Isingiro, Kanungu, Lamwo, Lira, …
Read More »EU launches scheme to facilitate pandemic-hit micro businesses’ access to finance
Brussels, Belgium | XINHUA | The European Commission on Friday launched new measures offering guarantees for borrowing by micro borrowers, micro- and social enterprises to counter the effect of the COVID-19 pandemic. Through the instrument worth 400 million euros (464.5 million U.S. dollars), the European Investment Fund will offer guarantees …
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