KAMPALA (NNN-NW VISION) -- India's largest financial services group, the State Bank of India, has relaunched operations in Uganda after a 40-year hiatus following the expulsion of Asians of Indian origin from the country in 1972.
The bank returns at a time when the local financial services sector is witnessing slower credit growth because of the central bank's tight monetary policy.
State Bank of India group chief executive Alok Misra said here Monday that the bank would look at funding the agricultural sector and borrow from their experience in India to fund businesses in steel, tourism, transport, real estate and construction.
"Our decision to venture into Uganda is guided by the fact that India and Uganda have ties that are centuries old. Coming to the financial sector, both have a vibrant financial system,” he added.
"Both countries are emphasizing the development of agriculture and small and medium-scale enterprises (SMEs) in addition to the inclusion of unbanked populations into the financial sector,” he said in an interview. -- NNN-NEW VISION
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