The recent launch of the Mbale Industrial and Business Park by government has attracted attention from a number of stakeholder, key among them financiers.
Speaking at a press briefing in Kampala at the weekend, the Orient Bank executive director, Mr Julius Kakeeto, said they had signed a memorandum of understanding with Mbale Sino Uganda Industrial Park to become the official financiers of investment activities at the park.
“This move is aimed at boosting Uganda’s agenda towards industrialisation. Government wants to move away from having multitudes of shops to factories that will create jobs,” he said, emphasising that Orient Bank had over the years built capacity, which will sufficiently enable them to finance any investment activity at the part.
However, investors will not be tied down to Orient Bank as they will be free to seek financing from other institutions.
The park, which was launched recently by President Museveni is expected to be a major industrial hub in eastern Uganda, housing more than 55 industries, out of which more than 1,500 jobs are expected to be created.
The industrial park is championed by Tian Tang Group, whose chairman, Mr Paul Zang, incorporated eight Chinese companies to invest about $600m in various industries such as rice processing, glass manufacturing, household appliances and manufacturing among others.