UDB tasked to explain loan performance

The parliamentary committee on national economy has asked the Uganda Development Bank (UDB) to provide details of the loans it has disbursed and their tangible benefits to the country’s economy.

This was during the committee interaction with Ministry of Finance officials accompanied by the Managing Director of UDB, Patricia Ojangole to discuss the utilization of loans by the bank.

Ojangole presented a report on the loans UDB had received and issued to entities in various sectors and the rate at which they had been utilized.

However, legislators wanted the details about the interest rate of these loans, the beneficiaries, and their impact on the economy in order to assess the loan performance.

The committee chairperson, John Bosco Ikojo backed the MPs’ plea and asked for information on the interest rates of the loans attained.

In response, the Minister of State for Finance, Henry Musasizi pledged that UDB would provide the information on the sectors that benefited, the economic impact, and all other details as requested soon.

Written by Prossy Kisakye