By Namugerwa Martha

Uganda Development Bank Limited (UDBL) has release shs 70 Billion in order to finance economic five strategic sectors to enhance their target of achieving the 2nd Development Plan.

While speaking at the breakfast meeting held at the Hotel Africana on Thursday, Patricia Ojangole, the UDBL executive director said that the bank has approved Shs70bn to finance key economic sectors.

“UBDL will play a lead role in financing and advisory in five strategic areas which include agriculture, tourism, oil and gas and infrastructure development,” Ojangole said.

she added that so far over 19,000 (directly and indirectly) workers have been supported in 2016 and the value of social, economic impact for the preferred sectors is estimated at Shs4 trillion if the sectors are financed up to 90% and by 2020 they will lead to an average growth rate of 6.3% as interest rates will vary between 7% and 10%.

Additionally, Mohamoud Andama , the Manager- Business Development at UDBL  pointed out that the preferred mode of funding will be through project financing and over 150 projects will be targeted in the priority sectors.

“The bank has also introduced new products among them include Asset and Equity Financing, where the bank will peg its equity investment to 20% to 25% of the total investment,” Andama said