Uganda Development Bank (UDB) violated the set guidelines of lending the covid-19 stimulus package funds to Ugandans to boost their businesses that were hit by the COVID19 lockdown.
This came about as MPs on Parliament’s Finance Committee interfaced with UDB officials led Executive Director, Patricia Ojangole.
Parliament in August last year approved over Shs455bn together with guiding procedures on how the money should be lent to businesses that were affected by Covid pandemic. The money approved was to support businesses in the processing sector, Manufacturers, Agro-Business and services.
MPs grilled UDB boss to explain why they lent money to a tune of Shs20bn to Akamwesi arcade construction yet it didn’t fall under the categories that were supposed to benefit from the stimulus package.
Ojangole denied the claim.
She said that whoever accessed the money followed the normal bank process and that they have so far disbursed over Shs200bn.
MPs also asked the ED to present to the committee a list of beneficiaries at a later date.
