NEWS– The Government of Uganda through the Ministry of Finance, Planning and Economic Development has handed over land to African Export-Import Bank (AFREXIM) Bank for the construction of a Trade Center that will also house the Regional Headquarters of the Bank.
The AFREXIM Bank offers a range of services from which Ugandans will benefit in terms of creating opportunities for economic growth and jobs creation, both directly and indirectly. Some of the key services of the Bank include:
The function to officially hand over the the land was today morning October 2022, presided over the Minister of Finance, Planning and Economic Development Hon Matia Kasaija at the site along Kitante.
The Minister said that the Bank will offer trade and project financing to support the expansion, diversification, promotion and development of intra-regional trade development projects.
He also said that it will provide support to industrialization and manufactured export development particularly in the areas of agro-processing and light manufacturing sectors.
The Bank will also offer guarantees ranging from short term trade guarantee solutions, working capital and supply chain finance guarantee solutions for medium and small size enterprises (MSEs) and well as large enterprises;
It will provide advisory services to Government in the areas of fiscal and debt management, investment management, budgetary policy and debt management and work with the corporate sector in financial restructuring, mergers and acquisitions, mobilization of financing for business expansion, the issuance of Initial Public Offers (IPOs), product market intelligence for clients, new product development, market risk analysis.
Minister Kasaija noted that this is a multilateral financial institution that is ready to work in Uganda and translate opportunities into wealth, and to address some of the challenges that the country is faced today in both government and the corporate sector.
He therefore said that in order to ease access to the services of the Bank that are critical for economic growth and business expansion, the government of Uganda decided to facilitate the establishment of its regional office in Uganda.
He however said that this has necessitated supporting the Bank in the acquisition of the critical infrastructure for its establishment. In this regard, Government agreed to give land to AFREXIM as a way of facilitating and expediting its establishment in Uganda.
In 2019, the Government of Uganda entered into a Memorandum of Understanding(MoU) with AFREXIM Bank to host a Regional Branch Office in Kampala and it’s from this background that the ceremony of handing over the land that government offered for the Regional Office of the Bank is testimony that the AFREXIM Bank and its very beneficial services will soon be closer to Uganda which means that the Bank will understand its clients better that before and this will increase the use of its services and reduce the turn-around time from application to actually getting a service.
Minister Kasaija thanked the President of the Bank, the Board of Directors and Management of the Bank for the strategic decision and for continuing to work so tirelessly to realize this strategic goal.
Minister Kasaija assured that the government is ready to support the important financial institution and ensure success for mutual benefit and he effectively handed over the Title of the Land that the Government of Uganda has given to AFREXIM Bank for the establishment of its Regional Office in Kampala.
The Chairman of the African-Import Export Bank Dr Benedict Okey Oramah received the land title on behalf of the Bank and hailed the Government of Uganda for the gesture that will greatly stimulate strategic financial service inclusion in Uganda.
Present at the function was the Minister of Finance in Charge of General Duties and the Permanent Secretary in the Ministry of Finance, Planning and Economic Development Prof Mohammed Ggobbi among the many dignitaries.