economy 7 April 2026 Daily Monitor (Uganda)
Bank of Uganda Launches Shs283 Billion Fund to Boost Busoga's Economy
The Bank of Uganda has allocated Shs283 billion through the Small Business Recovery Fund and Agricultural Credit Facility to aid farmers and small businesses in Busoga recover from COVID-19 impacts and enhance agricultural output. The low-interest loans target enterprises in the region to improve household incomes and promote commercial farming. Source: https://www.monitor.co.ug/uganda/news/national/bou-rolls-out-shs-283-billion-fund-to-revive-busoga-economy-5415864
The Bank of Uganda (BoU) has introduced a Shs283 billion package to revitalize the economy in the Busoga sub-region. This funding, drawn from the Small Business Recovery Fund (SBRF) and Agricultural Credit Facility (ACF), supports farmers and small-scale operators hit hard by the COVID-19 pandemic.
Speaking at the Bugiri Agribusiness Expo at Busoga University, BoU’s Sidney Lugwajje highlighted the initiative’s focus on regional beneficiaries. Loans are offered at a 10% annual interest rate to qualifying individuals, groups, and companies with 2-49 employees and turnovers between Shs10 million and Shs300 million.
Applications must go through 22 partner financial institutions like Absa Bank Uganda, DFCU Bank, and Centenary Bank. Although available nationwide, Busoga’s robust agriculture sector positions it for major gains.
Local officials praised the move. Bugiri District Fisheries Officer Immaculate Weere called for more awareness campaigns and noted the expo’s role in connecting farmers to markets for horticulture, poultry, and more, shifting from subsistence to commercial farming.
Yet, farmers voiced hurdles. Tomato grower Shafiq Mugoya from Bude village stressed tackling pests and diseases, while maize trader James Byantaka from Nankoma sought stable local markets to avoid selling in Kenya.
Source: Daily Monitor (Uganda)