Proparco injects Shs105b into Centenary Bank to support SMEs affected by Covid-19

By Charles Katabalwa

18^th July 2022

Centenary Bank has received over Ssh 105 Billion from Proparco to support Small and Medium-sized Enterprises-SMEs in Uganda, with a specific focus on agriculture, microfinance and enterprises that have been affected by the Covid-19.

Proparco is a subsidiary Agency of Française de Dévelopement AFD Group dedicated to the private sector.

It has been working for over 40 years to promote sustainable economic, social and environmental development and it is involved in financing and supporting companies and financial institutions in Africa, Asia, Latin America and the Middle East.

Speaking at the signing ceremony in Kampala on Monday, the Managing Director of Centenary Bank Fabian Kasi said that Uganda’s economy is largely made of Micro, Small and Medium enterprises, which is vital to finance and amplify Centenary Bank’s agenda of supporting MSMEs especially during this period when every institution is struggling financially.

Kasi adds that their partnership with Proparco which involves the line of credit and guarantee will further enhance Centenary Bank’s capacity to support MSMEs and agricultural businesses in their growth journeys through flexible collateral requirements and affordable interest rate offerings compared to the general market.

He is sure that this support will positively impact citizens’ in as far as reducing poverty levels hence directly supporting the national agenda of Vision 2040 that aims at increasing sustainable production, productivity and value addition.

Meanwhile Françoise Lombard, the Chief Executive Officer of Proparco said they are happy to initiate a promising relationship with Centenary Bank that stands out with a clear vision to support the local and rural persons to live the shocks of Covid-19.