Afreximbank and the Ugandan Development Bank cues a Project to formulate a financial like mindedness

By Abdul Rahman Bangura-

Photo Credit: African Export- Import Bank (Afreximbank)

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- This project is geared toward upgrading Uganda’s industrialization and export development activities. Under the terms of the framework agreement, Afreximbank and UDB inaugurated a collective project preparation facility to keep ajar investments in priority sectors, such as energy, transport and logistics, special economic zones/industrial parks, manufacturing, agro-processing, hospitality and tourism, mining, solid minerals, and service sectors.

The facility will administer de-risking projects and increase their development from the concept phase to bankability by encircling the preparation of feasibility studies, project development and advisory services, and affiliated costs. The two Banks drive to mobilize up to $ 25 million in the form of project preparation budgets for investments in Uganda.

Kanayo Awani – Executive Vice President, Intra-African Trade and Export Development Bank (Afreximbank), autographed the consensus on behalf of Afreximbank while Samuel Edem Maitum, Director of Credit, UDB inscribed on behalf of his organization on 14th, June 2024 in Nassau, The Bahamas.

Awani stated: “The JPPF is a critical collaborative tool through which the Bank and its partners pool resources to prepare bankable projects, given that one of the major challenges in developing projects was moving commercially viable projects to financial close. “Through this partnership, Afreximbank intends to work alongside UDB to prepare quality, bankable projects to attract investments from both the public and private sector.” She summed up that the JPPF will be instrumental in catalyzing and mobilizing downstream investments.

Maitum remarked that several transformative project concepts linger unimplemented in Uganda due to the restricted availability of technical and financial approval to assure Bankability.

He stated that UDB’s collaboration with Afreximbank through the Joint Project Preparation Facility “shall unlock several transformative private and public sector-led projects. The collaboration shall also enable the the flow of capital to the jointly prepared projects.”

He expressed gratitude to Afreximbank for the cooperation of the prospect and verified UDB’s obligation is to ensure the triumph of the endeavor.

The undertaking of the pact is predicted to enable accelerated economic growth in Uganda through improved private sector investments in the targeted sectors and to help position Uganda as an attractive investment destination through the supply of a steady rivulet of investment-ready projects.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent