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KAMPALA - ICRA Rating Agency Limited has partnered with Private Sector Foundation Uganda (PSFU) to make credit rating solutions available in Uganda.

A credit rating is an independent assessment of corporate entities or institution’s creditworthiness in general terms and helps any organization build a strong credit profile.

ICRA has a presence in United Kingdom, Spain, the United Arab Emirates, and Tanzania.

Hassan Mansur, a director at ICRA told New Vision on February 7, noted that data relating to the potential of the East Africa market is not available to pull investors in the market.

“There are a lot of investors who want to understand this market. But they do not have the data. Currently, the Gulf Cooperation Council (GCC) is looking to invest a lot in East Africa. We have close to eight investors who are asking us for records. That’s part of the reason why we are here,” he said.

“We are the first rating agency approved to be in Tanzania. We have managed to help five to six microfinance to get funding. We don’t just do ratings; we also have investors. If they come and ask us about companies in Uganda, we are able to link you to an investor. We have also enabled banks to get correspondence in Tanzania.

“We do qualitative and quantitative analysis. We look at the past, present, and future of a company. That is the information that investors are looking for because they are investing in your future,” he said. 

Mansur said ICRA will support various corporations and institutions demonstrate their financial capability to both local and international lenders.

Stephen Asiimwe, the CEO at PSFU said credit rating agencies play a pivotal role in creating an enabling environment for companies to thrive.

He said the partnership with ICRA will contribute to improving Ugandan business competitiveness in the global markets.