- Latest figures show women entrepreneurs in Uganda represent over 60% of beneficiaries of EIB Global-Centenary Bank financing operation
- Over 75% of projects are located in rural areas of Uganda, according to the first annual disbursement report
- Trade and agriculture top the list of Ugandan sectors receiving support
Over 24,000 micro-enterprises in Uganda received financing in the first year of a partnership between the European Investment Bank Group’s development arm, EIB Global, and domestic lender Centenary Bank.
The EIB Global-Centenary Bank agreement, signed in 2024, aims to make €100 million (Shs428 billion) available to private-sector enterprises in Uganda over seven years, with a focus on businesses led by women and on micro-enterprises located in rural areas. The accord involves an EIB Global credit line of €50 million to Centenary Bank, which specialises in microfinance, and the local bank is matching the sum.
In latest figures, women represented more than 60% of beneficiaries – above a target of 50%, according to the first annual disbursement report. In addition, 75% of projects financed were in rural areas, exceeding a 60% goal. Trade was the leading sector, financed at 50%, followed by agriculture at nearly 40%.
“The funding opportunity offered to Centenary Bank is addressing the challenges of access to finance especially for women and rural communities,” said EIB Vice-President Marko Primorac. “This will continue to spur the private sector and resilient economic growth in Uganda.”
The credit line to Centenary Bank represents EIB Global’s largest microfinance loan in any country in the African, Caribbean and Pacific (ACP) regions. Its targeted final beneficiaries are micro-enterprises, which have fewer than ten full-time employees.
The operation advances the European Union’s “Global Gateway” strategy for sustainable development by boosting investments in agriculture value chains in Uganda. It also bolsters job creation and rural development in the country.
An EIB Global programme known as the “Africa Women Rising Initiative” to expand services for female clients is part of the operation with Centenary Bank. As a result, Centenary Bank has improved the design of its financial strategy and products, as well as the promotion of services tailored for women entrepreneurs, who have also been offered training in business skills, such as financial literacy and record-keeping.
In addition, Centenary Bank has increased the number of female clients by 21% and its non-performing loans for women have dropped by over 8%.
Centenary Bank aims to be the preferred provider of innovative financing in Uganda, particularly microfinance, and a strong catalyst for sustainable socio-economic change in the country.
“Our co-operation with EIB Global is making good progress, and the next few years will continue to bring more tangible impact to the business community, especially in rural areas,” said Centenary Bank MD and CEO, Godfrey Byekwaso. “Their financing support has helped us address local funding gaps and gives us a better opportunity to serve and grow small businesses, thus successfully integrating them into the formal system.”
The EIB Global operation with Centenary Bank is taking place under an EU financial initiative called the European Fund for Sustainable Development Plus, or EFSD+.
“Access to finance is often what allows a small business to grow, hire and invest in the future to create jobs, support families, strengthen local communities and help economies become more resilient,” said European Commissioner for International Partnerships Jozef Síkela. “Through this partnership, tens of thousands of micro and small businesses in Uganda have received that opportunity. Its strong reach among women entrepreneurs and rural communities shows Global Gateway at its best: working with trusted local partners to deliver growth that is more inclusive, more sustainable and closer to the people who need it most.”
The benefits of the EIB Global-Centenary Bank operation extend to refugees in Uganda who are from countries such as the Democratic Republic of Congo and South Sudan. Of the total loans provided in 2025, 200 went to refugees to help them become more economically self-sufficient.
One recipient is a woman named Gissele Muganza, a refugee from the Democratic Republic of Congo who runs a children’s clothing store in Uganda. She received a loan of Shs2 million to increase the capital in her business and to pursue a bachelor’s degree. As a result, her monthly net profit has almost doubled to Shs1.1 million, and she has received her degree.
The new EIB Global-Centenary Bank operation builds on a partnership between the two organisations that dates to 2008. More generally, EIB Global has provided over €388 million since 1981 to support private-sector businesses in Uganda, targeting primarily agriculture and gender equality.
Background information
About the EIB:
The European Investment Bank (ElB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion of new financing and advisory services for over 870 high-impact projects in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investment union.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international win-win partnerships and development finance, and a key partner of Team Europe and the Global Gateway strategy. EIB Global brings the EIB Group closer to people, companies and institutions through its offices across the world.
Photos of the EIB Group’s spokespeople and headquarters, logo files and video B-roll for media use are available here.
About Centenary Bank
Centenary Bank is Uganda’s leading Commercial Microfinance Bank committed to transforming lives through inclusive and innovative financial solutions, especially in rural areas, sustainably serving over 3.4 million customers, with an asset base of Shs9.5 trillion. Financial inclusion is key for us, and we are reaching out through 81 branches, 217 ATMs, close to 9,000 Agents, and several other digital channels, including CenteMobile banking, CenteOnline banking, and CenteVisa debit & prepaid cards.
About EFSD+
Established in June 2021, the European Fund for Sustainable Development Plus (EFSD+) is part of the European Union’s investment framework and is the main financial instrument supporting the EU’s Global Gateway initiative. EFSD+ offers EU partner countries better access to financing options such as grants and guarantees, aiming to mobilise additional financial resources for sustainable and inclusive economic development. Financial guarantees under EFSD+ are legally binding agreements under which the EU agrees to pay the amount due in case of financial loss that lenders might face. By using blended finance, the EU provides risk-sharing opportunities to mobilise financing from public and private investors in emerging markets and developing economies, where they would otherwise not invest. Through EFSD+, the EU is channeling €39.8 billion in guarantee capacity for the period 2021 to 2027 globally.
Global Gateway
Global Gateway is the EU’s positive offer to reduce the worldwide investment disparity and boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems.
The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States, and European development finance institutions. This approach aims to mobilise up to €400 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies and closing the global investment gap.
