Uganda, South Korea sign $500m infrastructure loan deal

Uganda has signed an agreement with South Korea for a $500 million loan to help finance infrastructure building in the country, Uganda’s Finance Ministry said on Thursday. South Korea’s Exim Bank will provide the loan, the ministry said in a post on X. It didn’t provide details on what kind of infrastructure the money would […]

Uganda bets on reforms to boost private equity financing

Uganda’s Capital Markets Authority (CMA) and the Ministry for Finance, Planning and Economic Development are working to review the regulatory framework to boost the uptake of private equity (PE) financing, as an alternative source for capital for private sector. The regulator says in its latest annual report that mobilising alternative sources of funds to finance […]

MTN Uganda’s parent offers major discount in $58m shares sale

South Africa’s MTN Group has made a new offer to sell 1.57 billion shares in its Ugandan subsidiary at a substantial discount in a bid to comply with a requirement to offload a minimum stake of 20 percent to minority investors. The multinational managed to sell a 12.97 percent stake in MTN Uganda in November […]

Uganda lenders wishing for more fixed deposits

Stiff monetary policy moves, stringent financial compliance ratios, and low customer deposit growth have pushed Ugandan lenders into choosing fixed deposits. This development promises higher returns for local fund managers and higher customer borrowing costs. The Central Bank Rate (CBR) was raised to 10 percent in February, amid sharp depreciation of the shilling against the […]

Uncertainty dims Uganda banking sector fortunes

Economic uncertainty, rising credit default risks, emerging liquidity and funding challenges amidst low deposit growth largely shaped Uganda’s banking industry performance during the first three months of 2024 as lenders confront a high interest rate environment. A combination of weak government spending, low consumer spending and budget cuts reported within local firms have affected economic […]

Uganda drug maker dividend up 120 percent

Quality Chemical Industries Ltd (QCIL) has more than doubled dividend payout after reporting a strong profit growth for the year ended March 31, 2024 driven by antiretroviral and antimalarial drug sales. The board has proposed $5.5 million dividend this year from $2.5 million last year. For each share, the Uganda Securities Exchange-listed pharmaceutical company has […]

How KCB reclaimed position of East Africa’s most profitable bank

KCB Group, the largest lender in the region by assets, after posting four consecutive quarters of declining profits that culminated in the lender skipping dividend payment for the year 2023, beat market expectations in Quarter 1, 2024 announcing a 69 percent growth in net profit to Ksh16.06 billion ($122.59 million). With that, it reclaimed its […]

Kenya, Uganda to extend oil pipeline from Eldoret to Kampala

Kenya and Uganda have agreed to jointly extend the oil pipeline from Eldoret to Uganda in a deal that will see Kampala import refined petroleum products directly through Nairobi. Nairobi says the extension will facilitate trade relations between the two nations. The two countries also signed a tripartite agreement paving the way for the Uganda […]

Uganda Airlines leases aircraft A320 to up operations

Uganda Airlines plans to deploy a wet-leased A320 on services to Nairobi, Johannesburg, Lagos and Kinshasa routes on which it has seen significant growth but whose operation was getting increasingly challenged by capacity shortfalls. After several procedural hitches that saw its arrival postponed several times over the past four months, the aircraft, leased from Johannesburg-based […]

Four EAC partners join the Kenya-Uganda SGR project

On Friday, Rwanda, Burundi, Democratic Republic of Congo and South Sudan joined SGR Cluster Joint Ministerial Committee and committed to engage development partners in seeking funding for the railway to ease movement of goods on the Northern Corridor. During the meeting in Mombasa, the ministers in charge of infrastructure acknowledged the fundraising challenges the project has […]

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