{"id":26933,"date":"2021-10-14T15:35:18","date_gmt":"2021-10-14T12:35:18","guid":{"rendered":"https:\/\/ugmirror.com\/?p=26933"},"modified":"2021-10-14T15:35:21","modified_gmt":"2021-10-14T12:35:21","slug":"oulanyah-urges-udb-to-slash-lending-rate","status":"publish","type":"post","link":"https:\/\/ugmirror.com\/index.php\/2021\/10\/14\/oulanyah-urges-udb-to-slash-lending-rate\/","title":{"rendered":"Oulanyah Urges UDB To Slash Lending Rate"},"content":{"rendered":"\n<p>The Speaker of Parliament, Jacob Oulanyah, has urged Uganda Development Bank (UDB) to reduce its lending rate from 12 per cent saying that access to affordable loans by majority of Ugandans is a key driver of socio-economic transformation.<\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\">He made the remarks while meeting with the Board of the Bank.<\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">\u201c12 per cent is still high for long term investment. We are not blaming UDB but can we be more creative to ensure the rate is lowered,\u201d he said.<\/div><\/div><\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">He said that majority of Ugandans fail to sustain businesses because they spend all their earnings paying back loans occasioned by high interest rates.<\/div><\/div><\/div><\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">\u201cThe framework for lending by UDB should be different from commercial banks. Borrowing money now is a death warrant for the company and owner. We have buried prospective business people because their properties were taken. It is not sustainable, you do not earn from borrowing,\u201d he said.<\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">\u00a0<div dir=\"auto\">According to Oulanyah, such challenges can be addressed by a deliberate effort the Bank to invest enabling access to cheap loans.<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">\u201cWe want to wipe away the informal sector and see everybody earning and saving. People have access to land but how will they make use of their land without capital,\u201d said Oulanyah.\u00a0\u00a0<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">He also asked the Bank to spread investments countrywide saying that currently, investments are centred in Kampala and surrounding areas.<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">\u201cThis should be a matter of concern to you. Are your disbursements high in other places because people are not aware? You may want to spread out the outreach,\u201d Oulanyah said.<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">The Managing Director, UDB, Patricia Ojangole said that the bank has a deliberate strategy to create and support investment opportunities in other regions.<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">\u201cA lot of money has been invested in industries in Kampala like in Namanve Industrial Park but moving forward, we intend to go to other regions,\u201d she said.<div dir=\"auto\">She added that the bank will start providing business advisory to Small and Medium Enterprises (SMEs) to enable them access financing.<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">\u201cWe shall support the entire value chain from the demand to supply of credit. UDB has previously been accused by the public of financing only established businesses but we have now done a specific strategy for SMEs,\u201d she said.<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n\n\n\n<p><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\"><div dir=\"auto\">UDB is a development finance institution focused on accelerating socio-economic development through sustainable financial interventions in line with the country\u2019s development priorities<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Speaker of Parliament, Jacob Oulanyah, has urged Uganda Development Bank (UDB) to reduce its lending rate from 12 per cent saying that access to affordable loans by majority of Ugandans is a key driver of socio-economic transformation. He made the remarks while meeting with the Board of the Bank. \u201c12 per cent is still [&hellip;]<\/p>\n","protected":false},"author":2270,"featured_media":26934,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"footnotes":""},"categories":[98],"tags":[31],"class_list":["post-26933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oulanyah Urges UDB To Slash Lending Rate - Uganda Mirror<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ugmirror.com\/index.php\/2021\/10\/14\/oulanyah-urges-udb-to-slash-lending-rate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oulanyah Urges UDB To Slash Lending Rate - Uganda Mirror\" \/>\n<meta property=\"og:description\" content=\"The Speaker of Parliament, Jacob Oulanyah, has urged Uganda Development Bank (UDB) to reduce its lending rate from 12 per cent saying that access to affordable loans by majority of Ugandans is a key driver of socio-economic transformation. 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