Impact investor Oikocredit has announced a loan of UGX 30 billion (€ 7.5 million) to BRAC Uganda Bank to support the growth and development of micro and small businesses.
- The lender will use the funds to provide affordable credit to underserved rural populations and small enterprises.
- Micro and small businesses form the backbone of Uganda’s economy, particularly in the general trade, agriculture, and transport sectors.
- The loans will be used to expand operations and create more employment opportunities.
“The funding from Oikocredit will play a pivotal role in advancing our mission to extend affordable and accessible financial support to small and micro enterprises throughout Uganda. This initiative aims to enhance the businesses and overall livelihoods of these enterprises,” Moyo Nkosilathi, BRAC Uganda Bank Ltd CEO said.
“This partnership aligns with Oikocredit’s mission of advancing financial inclusion and sustainability and reflects our commitment to supporting economic development in Africa,” Michael Kariah, Oikocredit Investment Officer, East and Southern Africa, added.
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