Uganda: Front Page Microfinance to Get Iran Funding

A01461137.jpgTEHRAN (Fars News Agency)- Front Page Microfinance, a local limited cooperative savings and Credit Society will receive a $1m (Shs1.73bn) development boost from the Export Development Bank of Iran (EDBI).Top officials of the firm told Sunday Monitor on Friday that EDBI granted the credit to them in August after a fact- finding mission of its top officials from Iran.

Mr. Yiga Muwonge, the head of the firm is reportedly scheduled to travel to Iran to sign the loan facility with EDBI Managing Director, Dr Koroush Parvizian soon.

“I don’t want to go into details of this loan but we are working hard to see that the agreement is signed,” Mr. Muwonge said.

Recently, enraged clients of Front Page Microfinance besieged the company’s head office on Wilson Road in Kampala to demand their savings but were dispersed by police. Front Page officials blamed their troubles on its competitors.

The commissioner in charge of Cooperative Development and Registrar of Cooperative Societies at the Ministry of Tourism, Trade and Industry Fredrick Mwesigye said his office is handling the issues of Front Page in order to normalize the situation by penalizing those who strayed.

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