Africa Export-Import Bank to open in Kampala

By Benjamin Jumbe

Africa Export-Import Bank, is set to open a branch in Kampala to cater for the East African region.

This follows the signing of a Memorandum of Understanding between the government of Uganda and the Bank at a function held at statehouse Entebbe witnessed by President Museveni.

Speaking at the ceremony, President Museveni expressed happiness that establishment of the bank in Uganda will help address issues financing for value addition and trade finance, both of which are vital trade development in Africa.

He thanked the bank for funding the construction of Lubowa specialized hospital.

At the same event, finance Minister, Matia Kasaija said the setting up of the Afri-Exim Bank in Uganda would go a long way to support export and import trade through loans, establishment of credit facilities, job creation and expansion base of cash liquidity.

Meanwhile the President of Afri-Exim Bank, Professor Benedict Oramah revealed that the bank will open business in October and launch its activities in November.