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Govt backs UDB to promote industrialization |
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2004-8-24
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Trade State Minister Dr. Richard Nduhuura stated the Government has cancelled its earlier plan to privatise the Uganda Development Bank (UDB).
According to Nduhuura, UDB was the only bank which the Government had decided to retain.
“It is the only financial institution we use to fund the private sector through long-term loans. Most commercial banks cannot offer such facilities. They are expensive,” Nduhuura said in an interview in Kampala on Wednesday.
“Government had not made any significant measures to help the private sector. We have intervened and UDB should facilitate our move,” he said.
Nduhuura said several industries had been identified for the financial package. They include Southern Range Nyanza Limited and Lira Spinning Mill.
“Government has decided to assist Southern Range Nyanza to develop the necessary capacity to produce the required quality fabrics. Apparels Tri-Star imports all its fabrics from Asia. Since Uganda has the best cotton in the world of which only 10% is utilised, we deem it necessary to assist Nyanza to add-value to the remaining 90%. This, could help Tri-star,” he said. |
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