Centenary Bank today marked an advance Portfolio Guarantee concurrence with the African Guarantee Fund (AGF). This is to support SMEs in Uganda with credit worth $ 10 Million (Shs 37 billion).
The declaration was made during the marking function between the two associations. In addition, that occurred at Mapeera House, the bank’s administrative center in Kampala.
The multi year association targets opening financing planned to encourage the advancement. Also, development and improvement of Small and Medium estimated Enterprises in Uganda.
Recognizing the association, Fabian Kasi, the overseeing chief, Centenary Bank complimented African Guarantee Fund for picking the bank as an executing accomplice for the Fund.
“Centenary Bank is satisfied to work together with African Guarantee Fund (AGF) to give reasonable account to SMEs in Uganda. We accept this association will go far in improving the private area and economy when all is said in done. SMEs are a key segment of our economy and record for over 80% of the private segment.”
Uganda Investments Authority, a statutory office responsible for starting and supporting estimates that improve interest in Uganda, characterizes SMEs as elements that utilize between 5 to 100 individuals, have resources not surpassing Shs 100 million and register income not surpassing Shs 360 million for every annum.
Kasi said Centenary Bank is continually looking for perfect accomplices with whom it can more readily serve its clients. In addition, with suitable microfinance arrangements with an end goal to advance financial development and improvement.
“With a lively and young populace, giving subsidizes that guide SMEs to flourish, make more employments. And also, add to the assessment base is the thing that our economy needs today,” Kasi noted.
A year ago, Centenary Bank broadened a credit arrangement of around Shs 160 billion to the SMEs in the economy. We are also certain that this cash is opening new potential outcomes the nation over.
African Guarantee Fund Group Chief Executive Officer, Felix Bikpo while remarking on the association marking stated: “The present marking service between Uganda’s driving business microfinance bank and Africa’s driving budgetary assurance supplier is incredible for Ugandan SMEs. This association will support access to fund for more SMEs. This will at last lead to work creation and income age. We are happy to join with a bank that has a dream for SMEs and has faith in their capability to spike the development of Uganda’s economy.”
He said AGF’s goal is to give incomplete credit certifications and limit improvement to money related establishments to invigorate financing of SMEs along these lines opening their capability to convey elite development in the mainland.