EIB Global and Centenary Bank finance over 24,000 Ugandan micro-businesses in first year of partnership

More than 24,000 micro-enterprises in Uganda received financing during the first year of a partnership between EIB Global, the development arm of the European Investment Bank Group (EIB), and domestic lender Centenary Bank, according to a press release by EIB Global. Women entrepreneurs accounted for more than 60% of beneficiaries, exceeding the 50% target set for the operation. Over 75% of financed projects were located in rural areas of Uganda, surpassing the 60% goal. Trade led the sectors supported, at 50%, followed by agriculture at nearly 40%. The results were published in the first annual disbursement report.

The EIB Global–Centenary Bank agreement was signed in 2024 and aims to make €100 million (428 billion Ugandan shillings) available to private-sector enterprises in Uganda over seven years. The accord involves an EIB Global credit line of €50 million to Centenary Bank, which specializes in microfinance and is matching the sum. It focuses on businesses led by women and on micro-enterprises in rural areas. The credit line represents EIB Global’s largest microfinance loan in any country across the African, Caribbean and Pacific (ACP) regions. Its targeted final beneficiaries are micro-enterprises with fewer than ten full-time employees.

The operation advances the European Union’s Global Gateway strategy for sustainable development by boosting investments in agriculture value chains in Uganda, while also supporting job creation and rural development. An EIB Global program known as the Africa Women Rising Initiative, which expands services for female clients, is part of the operation. Centenary Bank has improved the design of its financial strategy and products and has offered training in business skills such as financial literacy and record keeping to women entrepreneurs. The bank has increased its number of female clients by 21%. Its non-performing loans for women have dropped by over 8%.

The operation also extends to refugees in Uganda from countries such as the Democratic Republic of Congo and South Sudan, with 200 loans issued to refugees in 2025. One recipient, Gissele Muganza, a refugee from the Democratic Republic of Congo who runs a children’s clothing store, received a loan of UGX 2 million to increase her business capital and pursue a bachelor’s degree. Her monthly net profit has almost doubled to UGX 1.1 million and she has received her degree.

EIB Vice-President Marko Primorac said: “The funding opportunity offered to Centenary Bank is addressing the challenges of access to finance especially for women and rural communities.” He added that it “will continue to spur the private sector and resilient economic growth in Uganda.”

The initiative is being carried out under the European Fund for Sustainable Development Plus (EFSD+), an EU financial instrument. European Commissioner for International Partnerships Jozef Síkela said the partnership shows “Global Gateway at its best: working with trusted local partners to deliver growth that is more inclusive, more sustainable and closer to the people who need it most.” Centenary Bank MD and CEO Godfrey Byekwaso noted that the cooperation “is making good progress and the next few years will continue to bring more tangible impact to the business community especially in rural areas.” The new operation builds on a partnership between the two organizations dating back to 2008. Since 1981, EIB Global has provided over €388 million to support private-sector businesses in Uganda, primarily targeting agriculture and gender equality.