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Bank of China steps up activity in Uganda

The Bank of China headquarters in Hong Kong. (Image source: Laure Wayaffe/Flickr)

The Bank of China has increased its activities in Uganda by establishing a partnership with a local bank and has plans in place to open up special desks in the country to deal with traders going to China

The bank entered into a partnership with Uganda’s dfcu Bank, with dfcu set to upgrade its Chinese desk at its Acacia branch to provide a fully-fledged service centre that will host two Bank of China staff.

The Chinese institution said it believed the move would boost business and improve banking solutions between Uganda and the world’s second largest economy.

Dfcu managing director, Juma Kisaame, said, “Previously, a lot of time and money has been lost in complex cross-border transactions and this partnership comes as good news, especially for the many Ugandan businesses with trade interests in China.”

The partnership, according to Kisaame, will ease the opening of bank accounts for traders in Uganda and China and facilitate access to finance facilities for Chinese businesses in Uganda, offer investment advisory services, and ensure co-financing of viable investment projects in Uganda.

"With the opportunity brought by economic globalisation and characterised by close connections between China and the world economy, our partnership with Bank of China is an exciting step forward where the two banks are now better placed to facilitate trade and capital flows between China and Uganda," Kisaame explained.

Bank of China (Johannesburg) vice-president, Chen Wenyi, said, “The benefits of international and cross-border trade depend a lot on good banking and our partnership today reflects our commitment to easing transactions for both China and Uganda businesses. We believe that this will greatly contribute to the growth of not only businesses but also the economies of both countries.”

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