The government of Uganda has confirmed it will inject a total of Shs 5 Trillions in Uganda Development Cooperation (UDC) to boost industrialization that will lead to creation of more jobs for Ugandans, Spyreports has learnt.
This good news which has put hopes to the Ugandans especially the youth, was revealed by the Minister of Trade and cooperatives Hon Francis Mwebesa while inaugurating the new Board of Directors of UDC at Serena Hotel in Kampala on Thursday.
The Minister says that UDC has a long list of proposed projects but have been limited with inadequate funds to undertake them. “UDC has been operating under a small budget of Shs 500bn but the cabinet approved the increment to Shs 5 Trillions to enable UDC boost industrialization which will create more jobs for both skilled and unskilled,” Says the Minister.
He also urged the board to work closely with the Ministry of trade to mobilize the resources. “As we mobilise the resources, UDC must prioritise the most strategic projects that will create employments for the youth,” he said.
The Minister also urged the ED of UDC Dr Patrick Birungi,to manage interests of government under schedule 2 of the act. “Progress has been made and you are expected to complete these processes,” Minister Urged UDC boss.
Minister Mwebesa also revealed that UDC is the key driver of Uganda ‘s Industrialization strategy and focusing on investing in strategic and priority sectors of the economy on behalf of the government.
“The government plans on UDC is to invest on short, medium and long term investments,” adds the Minister.
He says that the government expects UDC in 10 years to strengthen internal capacity, processes and systems for UDC to deliver it’s mandate, invest in strategic and sustainable investments for economic and industrial development of Uganda.
He further says that government expects UDC to create both direct and indirect employments, utilize resources, improve trade balance positions, develope local entrepreneurship and balance regional development with in the Country.
Some of the projects UDC is currently underrating include Soroti Fruit Factory, Nilezilla limited/ Yumbe fruit factory, Atiak Sugar factory, Mbale growers tea Factory, Kayonza tea Factory, Kigezi highland tea Factory, Mutuma Commercial agencies, East Africa medical vitals,Bukona agro processors among others.
The new 3 Board which will serve for three years include Mr Godfrey Ruhurira as the Chairman,Ms Lynette Bagonza,Dr Umar Kakumna,Dr Edward Nyatai,Dr Jacklyn Makaaru Arinaitwe,Ms Maris Wanyera and Dr Patrick Birungi who is the current Executive Director.
