The Development Bank of Uganda and the European Union have announced the development of a second tourism facility, estimated to be valued at $16 million. 

The Uganda Development Bank (UDB) and the European Union announced on May 18, 2022, a second tourism facility worth about Sh61.8 billion or $16 million (consisting of Sh40 billion from UDB and Sh21.8 billion grant from the European Union) to help legally registered tourism operators recover from the negative effects of the COVID-19 Pandemic.

The recovery of the tourism sector

“At the onset of the COVID-19 Pandemic, Uganda, like other countries, sanctioned travel restrictions within and out of the country. The travel restrictions and Standard Operating Procedures contributed to a severe contraction of business opportunities and viability of businesses resulting in closure for some and eventual loss of jobs. This Facility is targeting the recovery of these businesses as they take advantage of growing tourist traffic both local and foreign,” said Ms Patricia Ojangole, Managing Director of UDB.

Climate change incentive

These loans and grants come with an incentive to fight climate change through a commitment to invest in environmentally friendly initiatives.

“For this second call, a lenient criterion has been adapted to better meet the needs of the sector today, like incorporating the list of eligible expenditures the companies initiated to make tourism establishments more environmentally friendly. This could include investments aiming at improving waste management, promoting the use of alternative sources of energy, and going digital among others,” said Caroline Adriaensen, EU Head of Cooperation.

As the tourism sector continues to open up, we expect to see more development in this area. At ABiQ, we provide validated data and trusted business intelligence covering Africa and the Middle East. We use our unique forecasting and project tracking tool to track projects worth over $5.8 Trillion in UAE, Saudi Arabia, and 54 countries across Africa so that you can stay ahead of your competitors and grow your business. Contact us today to book a free demo now or register to get free access to a light version of our platform.

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