After sealing a multibillion deal with a continental Fund, Centenary Bank is now eying facilitating more small and medium-sized enterprises (SMEs) to accelerate its pace of growth in the country, according to the company’s top executive.
Fabian Kasi, Managing Director of the country’s second-biggest bank revealed that securing the African Guarantee Fund Loan Agreement will fund SMEs in Uganda with credit worth USD 10 Million.
“As a bank, we are pleased to collaborate with AGF to provide affordable finance to SMEs in Uganda and believe this partnership will go a long way in improving the private sector and economy in general,” Kasi said at the siging in Kampala, adding, ” We gave SMEs more than UGX 160 Billion last year, we are aiming for more.”
The 5 year partnership aims to unlock financing intended to facilitate the promotion, growth and development of SMEs, “”SMEs are a key component of our economy and account for over 80% of the private sector.”
AGF Group CEO Felix Bikpo while commenting on the partnership signing said, “We are very proud to have partnered with a bank that has a vision for SMEs and believes in their potential to spur the growth of Uganda’s economy.”