Newslex Point News in Uganda, Uganda news
Yesterday at StateHouse Uganda, president Museveni met with the management team of AFREXIM (African Export-Import) bank. The delegation was led by the chairman Intra-African Trade Fair advisory council and former Nigerian President Olusegun Obasanjo, together with AFREXIM bank president Prof. Benedict Okey Oramah.
President Museveni is happy to inform all Ugandans that they have signed a hosting agreement and memorandum of understanding with AFREXIM bank.
By the agreement, Uganda will host the AFREXIM East African regional office starting next month.
The bank will support export and import trade through loan facilities to Ugandan businesses, offer credit facilities to government to enable financing of government projects, improve trade literacy through the trade centre which will also be situated in Kampala.
The bank will also lead to job creation and expansion of cash liquidity which will be consequential in changing the population structure of Uganda from pre-capitalism.
AFREXIM bank will benefit many people here
Africans need to get out of the pre-capitalism state of living and this bank will be beneficial to those who want to engage in production and processing business, so we can keep our jobs here,’he said.
Africa is four times the size of USA, but the USA has a $19trillion economy while Africa stands at a combined $7trillion. However, Africa continues to donate to USA, Europe and China by producing less and buying more,’Museveni said.
He continued and said as of now a kilogram of unprocessed coffee goes for $1 on the export market. We import this coffee then it is processed and sold back to us at about $15. We also import things like furniture and carpets from China.
By this we donate jobs and money to other countries. Our children are drowning in the seas, trying to go and get the same jobs.
I am very happy that AFREXIM bank chose Uganda to host this regional office. We are very committed pan Africanists, it is part of our ideology and when it comes to trade and social economic transformation, we will work very easily with the bank.
I believe with the presence of the bank in Kampala, it is signal to others that Uganda is open for international business,’he added.
Check also;
- President Museveni Responds To Several Comments On Social Media
- Uma Boss Lauds President Museveni For Opening Rwanda Market
- Women Ask Museveni For Sh1billion To Establish Innovation Centre
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
