Credit Rating Agency Launches in Uganda
ICRA Rating Agency Limited has teamed up with the Private Sector Foundation Uganda (PSFU) to introduce credit rating solutions in Uganda.
Credit rating provides an independent evaluation of the creditworthiness of corporate entities or institutions, assisting organizations in establishing a solid credit profile.
ICRA has established its presence in the United Kingdom, Spain, the United Arab Emirates, and Tanzania.
Hassan Mansur, a director at ICRA, stated on February 7 that there is a lack of available data regarding the potential of the East African market to attract investors.
Mansur highlighted the interest of the Gulf Cooperation Council (GCC) in investing in East Africa and noted that ICRA has been approached by approximately eight investors seeking information about the region.
He emphasized ICRA’s role in facilitating investments by providing both ratings and investor connections, citing examples of assisting microfinance institutions in Tanzania.
ICRA conducts thorough qualitative and quantitative analyses, evaluating the past, present, and future performance of companies to provide investors with essential information.
Mansur reiterated ICRA’s commitment to assisting corporations and institutions in demonstrating their financial capability to local and international lenders.
Stephen Asiimwe, CEO of PSFU, emphasized the significant role of credit rating agencies in fostering a conducive environment for business growth.
He expressed optimism that the partnership with ICRA will enhance the competitiveness of Ugandan businesses in global markets.