Uganda's rural infrastructure to get boost with World Bank programme
13 July 2011
The World Bank has launched a programme in an attempt to improve Uganda's rural infrastructure.
It will work together with Centenary Bank to boost the country's agriculture finance capacity.
The World Bank Agriculture Finance Support Facility will contribute $1 million (£627,358) and Centenary Bank will put forward $1.1 million towards the initiative, which the groups hope will benefit 30,000 farmers over the next four years.
They also anticipate the nation's agricultural portfolio to double during this period, amounting to a growth of $34 million.
Fabian Kasi, managing director of Centenary Bank, said the money will be used to target products such as coffee, maize and livestock.
He added: "It will also roll out innovative e-banking products to rural areas and train staff in advanced agricultural lending methods, like structured financing, contract farming, trade financing including warehouse receipts and linkage banking."
The World Bank is also supporting Uganda's transport infrastructure and recently announced it will give additional financing of $75 million for the country's Transport Sector Development Project, aimed at improving roads and public travel services.