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Add to Preferred SourcesEconomic opportunities for thousands of refugees living across Uganda and Ugandans living in communities that host refugees will be strengthened following a two-week nationwide financial inclusion initiative that culminated in Kampala.
Under the partnership between Centenary Bank, Uganda’s leading commercial microfinance bank, and the European Investment Bank, the world’s largest international public bank, more than one thousand people have received intensive training in key business and financial skills over the last two weeks.
Developed in coordination with Ugandan authorities and international partners the scheme will improve financial and business skills in communities in the north, west and south of Uganda that host the largest number of refugees as well as the capital Kampala.
“The European Investment Bank is committed to strengthening private sector investment across Africa. Uganda is leading efforts to accelerate financial inclusion amongst rural, remote and refugee communities. As the EU Bank, the EIB is pleased to strengthen our close cooperation with Centenary Bank to ensure that entrepreneurial activity can be supported across the country, including those who have been forced to flee their homes.”, said Catherine Collin, European Investment Bank regional representative for East Africa.
Centenary Bank currently serves 1.5 million customers, representing a quarter of Uganda’s commercial banking public.
The Ugandan programme will help entrepreneurs to expand business activity, reduce unemployment in rural communities and improve access to loans by both refugees and host communities.
Uganda hosts more than 1.3 million refugees and asylum-seekers, representing the third largest number of refugees in the world. The Ugandan initiative with Centenary Bank represents the first time that business skill training has focused on refugee communities.
The EIB has included EUR 193 million of new financing programmes available through 11 Ugandan financial institutions. This comprises more than EUR 28 million of financing for small and medium-sized companies and microfinance beneficiaries in Uganda through Centenary Bank.
Original source: EIB
Published on 28 May 2019