Proparco, the French Development Finance Institute alongside FMO, the Dutch Development Bank have each handed $15 million to Dfcu Bank with the aim of supporting financing of small and medium size businesses in Uganda.
Mathias Katamba the incoming Chief Executive Officer DFCU bank said that this line of credit will facilitate DFCU bank in providing a range of financing instruments to SMEs in order to enable them to continue to play their role in growth, innovation and employment.
“We are very happy to receive this grant that will further strengthen the banks capacity to grow its business and subsequently consolidate our position as a leading provider of long term development finance” Katamba said.
While addressing journalists at the DFCU headquarters on Wednesday at the signing ceremony, Katamba added that the operations of SMEs occupy an admirable position in Uganda’s economic landscape, despite being a key driver of economic growth, long term development finance remains a huge challenge.
The Proparco Head of Financial institutions in Africa Emmanuel Haye said that they are pleased to partner again with DFCU and they believe it will be fruitful.
“Proparco is pleased to once again partner with dfcu. This new credit line reflects the commitment of both institutions to supporting inclusive and sustainable growth in Uganda” he said.
Haye added that they are committed to supporting both institutions to support an inclusive and sustainable growth in Uganda.