(Ecofin Agency) - Development Finance Company of Uganda (DFCU Bank), a commercial bank listed on Uganda Securities Exchange, will receive $30 million from Proparco and the Dutch development financing institution FMO.
This is the fifth credit facility granted by Proparco to the Ugandan bank. Apart from financial resources, DFCU Bank will be provided technical assistance, mentorship program for its clients, credit evaluation coaching and socio-environmental governance training.
The funds provided will be used to "support the bank’s efforts to cover the deficit of long-term funding for SMEs". The bank will give priority to small firms that export to the European market and generate revenues in foreign currency.
By June 30, 2018, the pre-tax benefit of the commercial bank fell to USH64,288 million against USH161,989 million in 2017.