Partnership. President Museveni (centre) and State Minister for
Investment Evelyn Anite (3rd right) with a delegation from the
Commonwealth Development Corporation after a meeting at State House in
Entebbe on Wednesday. Photo BY PPU
Kampala. Government
is focused on developing infrastructure to reduce the cost of doing
business in the country, President Museveni has said.
“We are interested in infrastructure development, especially the expansion of electricity distribution. We must have a low cost of doing business. Since we have no railway service, it has led to high transport costs. We look forward to the Fund (Commonwealth Development Corporation) in enabling us address these challenges,” the President said.
He made the remarks on Wednesday while meeting a delegation from Commonwealth Development Corporation (CDC) at State House, Entebbe.
CDC is the United Kingdom’s development finance institution that supports businesses in Africa and South Asia.
The team, led by their chief executive director, Mr Nick O’Donohoe, also included the British High Commissioner to Uganda, Mr Peter West.
Mr Museveni also called for low cost of finance.
He said government aims at reducing long-term lending rates on loans of commercial banks from the current 20 per cent to between 11 per cent and 12 per cent, adding that high interest rates only benefit traders.
Mr Museveni urged CDC to consider reducing costs of telecommunications services using reliable marine and underground cables that cost less compared to satellite services.
He also encouraged the delegation to participate in adding value to the country’s agro-products.
Mr O’Donohoe said his organisation has earmarked $3.5 billion (Shs12.8 trillion) for investment in Sub-Sahara Africa in the next three years, adding that they are already engaged in the production of tea, sugar, finance and infrastructure development.
He said CDC was also interested in sectors such as manufacturing, health, education and affordable housing.
Mr O’Donohoe said CDC was committed to providing long-term capital towards provision of affordable electricity.
In a related development, the President also met a delegation of Chinese investors at his country home in Rwakitura, Kirihura District.
The investors plan to set up a “modern economic development of a special zone at Nshara on the Lyantonde – Mbarara highway in western Uganda.”
Sources close to the meeting say during the discussions, the Sino-Uganda delegation sold to the President the idea of setting up a modern abattoir.
The company also plans to set up industries for collagen, textiles and dye as well as pine extraction for medicine.
According to a State House statement, Mr Museveni asked the Chinese investors to mobilise and attract more investments into the country.
He singled out the value addition to local products so as to attract more industries and address unemployment and widen the tax base.
Mr Museveni advised the Chinese entrepreneurs to partner with local industrialists and government institutions such as the army and prisons to support their investment dream.
“We are interested in infrastructure development, especially the expansion of electricity distribution. We must have a low cost of doing business. Since we have no railway service, it has led to high transport costs. We look forward to the Fund (Commonwealth Development Corporation) in enabling us address these challenges,” the President said.
He made the remarks on Wednesday while meeting a delegation from Commonwealth Development Corporation (CDC) at State House, Entebbe.
CDC is the United Kingdom’s development finance institution that supports businesses in Africa and South Asia.
The team, led by their chief executive director, Mr Nick O’Donohoe, also included the British High Commissioner to Uganda, Mr Peter West.
Mr Museveni also called for low cost of finance.
He said government aims at reducing long-term lending rates on loans of commercial banks from the current 20 per cent to between 11 per cent and 12 per cent, adding that high interest rates only benefit traders.
Mr Museveni urged CDC to consider reducing costs of telecommunications services using reliable marine and underground cables that cost less compared to satellite services.
He also encouraged the delegation to participate in adding value to the country’s agro-products.
Mr O’Donohoe said his organisation has earmarked $3.5 billion (Shs12.8 trillion) for investment in Sub-Sahara Africa in the next three years, adding that they are already engaged in the production of tea, sugar, finance and infrastructure development.
He said CDC was also interested in sectors such as manufacturing, health, education and affordable housing.
Mr O’Donohoe said CDC was committed to providing long-term capital towards provision of affordable electricity.
In a related development, the President also met a delegation of Chinese investors at his country home in Rwakitura, Kirihura District.
The investors plan to set up a “modern economic development of a special zone at Nshara on the Lyantonde – Mbarara highway in western Uganda.”
Sources close to the meeting say during the discussions, the Sino-Uganda delegation sold to the President the idea of setting up a modern abattoir.
The company also plans to set up industries for collagen, textiles and dye as well as pine extraction for medicine.
According to a State House statement, Mr Museveni asked the Chinese investors to mobilise and attract more investments into the country.
He singled out the value addition to local products so as to attract more industries and address unemployment and widen the tax base.
Mr Museveni advised the Chinese entrepreneurs to partner with local industrialists and government institutions such as the army and prisons to support their investment dream.
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