Private Sector Partnership Aims to Boost Women Entrepreneurs and Micro Enterprises

Uganda’s Finance Minister, Matia Kasaija, has praised private financial institutions like Centenary Bank for their continuous support in uplifting economic standards. In a speech delivered by Ramathan Ggoobi, the Permanent Secretary in the Ministry of Finance, during the signing of a partnership between the European Investment Bank (EIB) and Centenary Bank, Kasaija emphasized the transformative potential of the Shs420 billion (€100 million) loan provided under this deal.

“This investment should not just provide funds, but also foster resilience, creativity, and the potential for individuals to drive economic development,” said Kasaija. He called upon the private sector to leverage this collaboration to break barriers in business development and support a prosperous society.

The loan, which focuses on supporting women entrepreneurs and micro-enterprises, aligns with Uganda’s broader national agenda of economic empowerment. Kasaija underscored the importance of nurturing these groups as a means to improve household incomes and build a stronger economic base.

The EIB partnership marks the largest microfinance loan the bank has ever provided in Africa, with 60% of the funds designated for rural projects outside Kampala, and at least 50% directed toward women-owned businesses. Fabian Kasi, Managing Director of Centenary Bank, highlighted that the partnership has transformed the lives of many, particularly in rural areas, and will continue to support Uganda’s private sector recovery post-COVID-19.

EU Ambassador Jan Sadik commended Centenary Bank’s leadership in providing banking services to rural communities, noting that the institution’s focus on female borrowers and underserved rural clients aligns with EU priorities.

This financial collaboration is expected to significantly boost micro, small, and medium enterprises, driving inclusive growth across Uganda.