Kigongo Urges Caution On Bank Loans


dosage salve geneva;”>Kigongo said in an environment where the interest rates are still high in Uganda, help people accessing loans ought to be careful to ensure they don’t lose their money and property to financial institutions.

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“Do not to just be excited to secure a loan. Ugandans should always first seek advice and interpretation of certain bank terms and conditions from experts before entering any loan transaction,” she added.

This was during the 113th Board of Director meeting and Business seminar of Preferential Trade Area Bank, commonly known as the PTA Bank, at Sheraton hotel in Kampala on Thursday.

Kigongo said due to the high interest rates and ways through which commercial banks handle loan seekers, the chamber decided to look out for other financial institutions that can offer affordable services and terms.

She said all “Ugandans that can afford to borrow money from PTA Bank are highly welcome to present their projects and after fulfilling the requirements, they will be able facilitated.”

PTA is a trade and development bank of Eastern and southern Africa established on 6th November, 1985 pursuant to the provisions of Chapter 9 of the Treaty (1981) establishing the Preferential Trade Area for the Eastern and Southern African States (PTA) which was later transformed into the Common Market for Eastern and Southern Africa (COMESA).

Admassu Taddesse, the PTA president, said the purpose and the key objectives of the bank are to advance regional economic integration and growth through trade and investment.

He also noted that PTA is also aimed at promoting the development of infrastructure, exports and enterprises in member states.

“The bank also provides debt, quasi-equity and equity financing, as well as non-financial products and services, to qualifying entities and projects in member states,” he added.

So far twenty countries have signed up membership with PTA which include; Burundi, AfDB, China, Comoros, Djibouti, Uganda, Zambia, Zimbabwe, Tanzania, Sudan, Seychelles, DR Congo, Egypt, Eritrea, Kenya, Ethiopia, Malawi, Mauritius, Somalia and Rwanda.


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