The Uganda Development Bank (UDB) yesterday (November 15) convened a high-level meeting with key stakeholders on the sidelines of the 29th Conference of the Parties (COP 29) to foster partnerships aimed at mitigating climate change in Africa and integrating climate considerations into development finance. Led by the Bank’s Managing Director Patricia Ojangole, the Climate Finance […]
NSSF Reports 15 Percent Surge in Earnings to Shs 2.5 Trillion
Uganda’s National Social Security Fund (NSSF) saw its earnings rise by 15% to Shs 2.53 trillion for the financial year ending June 30, 2024, driven by gains across its investment portfolio, according to the fund’s Managing Director, Patrick Ayota. Speaking at the NSSF Annual Media Roundtable in Kampala, Ayota attributed the growth to improved interest […]
Why Uganda’s Q3 financial inflows fell?
Uganda’s capital inflows are weakening largely as a result of offshore investment outflows on domestic debt securities, declining budget and project support loans and banks increasing their placements of deposits abroad, according to the Bank of Uganda (BoU). Through its latest state of the economy report for September, BoU says while foreign direct investments (FDIs) […]
Light at the end of the tunnel: Karuma power plant goes live after 11 years
After 11 years under construction, Uganda’s flagship hydropower project, Karuma, was finally commissioned on Thursday, marking an end to a long, winding journey littered with technical defects, fights between the government and the contractor as well as other non-engineering challenges. Construction of the tunnel-design power station, an interconnection station, and high-voltage transmission lines was launched […]
World Bank is leaving? Big deal! We’re joining the ‘Big City Club’
Imagine a couple whose marriage has produced many children celebrating their golden jubilee (50th anniversary) with divorce! The World Bank and Uganda did better (or worse) – celebrating their Diamond Jubilee by parting ways. Yet diamond symbolises strength, durability and enduring value. Uganda officially joined the World Bank group in 1963 after a decade-long courtship […]
Rwanda joins regional stock exchanges in data vending as trading income falters
East African stock markets are pursuing additional revenue raising prospects in data vending business to cushion against faltering trading incomes, linked to declining equity market performances across the region. Rwanda Stock Exchange (RSE) is the latest entrant into the business that the regional exchanges are viewing as an important source of revenue in turning around […]
How online trading platforms are transforming East Africa’s financial landscape
Online trading has brought in the possibility of new financial opportunities for East Africa, with digital solutions increasingly being implemented. The same platforms give users access to the globe’s leading markets today, thus allowing any trader to trade currencies, stocks, indices and a lot more ultimate ease of trading. Tools such as MT4 for PC are more […]
Uganda now recycles State debt paper worth $2bn as high cost of loans looms
The total value of refinanced government securities exceeded half of the entire amount of Treasury Bills and bonds issued in the financial year 2023/24 in a development that promises higher borrowing costs amidst growing fears of debt distress surrounding Uganda’s economy, The EastAfrican has learnt. Refinancing government debt securities refers to the rollover of maturing Treasury Bills […]
Low prices likely to lure Ugandans to spend more cash
Ugandan consumers could get enticed to spend big as inflation rates fall and prices of commodities head south. Latest data from the Bank of Uganda (BoU) shows inflation levels averaged 3.2 percent in the financial year 2023/24 while annual headline inflation clocked 3.9 percent at the end of June 2024. Annual headline inflation stood at […]
EADB writes off $13m loans owed by regional members
The East African Development Bank (EADB) has written off loans amounting to $13.03 million, highlighting the economic constraints facing its member countries after Uganda defaulted on a $1.02 million loan last year. The lender disclosed in its audited financial statements that during the year (2023) it “de-recognised” the loans out of which assets available for sale amounting to $3.4 million were booked. This is a significant jump compared with $140,000 […]
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