What you need to know:
- Mr Ramathan Ggoobi, the secretary to the treasury said the government is addressing the issue of capital for investors at affordable rates as per the presidential directive.
President Yoweri Museveni has advised both local and foreign investors to create linkages across the production value chain if they are to flourish in business.
In his address during the presidential investors’ conference at the Kololo Independence Grounds on Wednesday, Mr Museveni said: "From the commercial agriculture and the mining sector, then we go to the services sector. That is hotels, transport, professional services and health. Those also need a clear channel for investors who are beginners to know where to start if they need to invest there."
The president also echoed the need for investors in Uganda to concentrate on channelling their resources to agriculture and manufacturing citing that the government already has a line of support in terms of funds for them.
Mr Ramathan Ggoobi, the secretary to the treasury said the government is addressing the issue of capital for investors at affordable rates as per the presidential directive.
"As the Ministry of Finance, we are leading this. We have been able to deploy over Shs1.4 trillion, through Uganda Development Banks for investors to quickly access it. We have also invested over Shs1 trillion, through Uganda Development Cooperation to our strategic sectors. We have deployed Shs890b through the agriculture credit facility, which is managed by the Bank of Uganda through our different supervised financial institutions," he explained.
Mr Ggoobi added that another fund called Invite Fund worth $218m (Shs820b) has been started and this targets mostly investors dealing in exports.
“We have also deployed Shs480b through Emwoga Fund to people doing business in urban areas. So far about Shs1.16 trillion has been distributed through the Parish Development Model and by the end of this financial year, about Shs2.32 trillion will have already been sent,” he said.
Mr Ggoobi said through cabinet the President gave women entrepreneurs in Uganda a total of Shs815b through the 'grow project', generating growth opportunities and productivity for women enterprises
He stated that the Uganda Banker's Association heard the President's voice on ensuring that the government should get patient and more development-oriented capital to people doing business, so the association promised to set aside Shs1 trillion for export within the region.
The Minister of Finance Mr Matia Kasaija while addressing investors brought the issue of corrupt officers who have never ceased misappropriating public funds.
"I am looking for money, I am being abused by colleagues that I am not giving them money and when I give it out, it’s not used for the purpose for which it has been given," Mr Kasaija said.
He said he would need to discuss in a private meeting with the President more about the vice of corruption getting to the nerves of many Ugandans.