State-owned Uganda Development Bank (UDB) has committed 148.5 billion shillings ($40.6 million) to enable 550,000 households to access electricity, The Monitor newspaper reported. 

The funds will be available through a partnership with the Electricity Regulatory Authority and the Ministry of Energy.  

UDB Managing Director Patricia Ojangole said the availability of sustainable energy is critical for economic growth, reduction of poverty and social and cultural transformation.  

The framework is based on the 2020 connection costs, the newspaper said, adding that a no-pole connection will be charged at 720,883 shillings.  

However, a customer will have to make a down payment of 200,000 shillings, with 270,000 shillings to be advanced as credit by the development bank. 

The report added that the credit will be recovered as a proportion of a customer's energy purchases over eight years.

(Editing by Cleofe Maceda; cleofe.maceda@lseg.com)