BRAC and The MasterCard Foundation invest $25m to expand Ugandan microfinance project
The MasterCard foundation and BRAC announced on Tuesday April 6th that they will expand their existing microfinance programme in Uganda.They will invest an additional $25 million (€17.3 million) to open 40 new branches. The expansion of the $45 million partnership will enable BRAC to reach a total of 129 branches, benefiting more than four million Ugandans.
It is hoped that the project will provide economically active women with loans, training and technical support, particularly those in the agricultural poultry and livestock sectors. It will also expand vocational and life-skills education for adolescent girls.
Following this announcement, the Uganda Development Bank (UDB), which has secured a 75.6 billion shilling (€22 million) fund, has invited businesses that need expansion to apply for loans.
"Smaller projects will access funding through microfinance institutions affiliated to the Microfinance Support Centre. UDB will participate in supervising microfinance institutions to ensure that small projects also get the funding and at agreed interest rates," said a senior official, quoted by the news site New Vision.