UDB Frustrating Industrialization Agenda – Investors

Posted by: Kyeyune Andrew Jonathan in Uganda news December 13, 2021

Investors have accused the Uganda Development Bank (UDB) of frustrating the industrialization agenda of the country. They said that UDB has not done enough to grant them access to cheap loans as it had been envisaged.

They expressed their frustration to president Museveni during the commissioning of the East African Medical Vitals. It is a surgical and examination gloves factory in Africa, located in Namanve industrial park, costing $ 14.5 million to set up.

Responding to the investors’ concerns, the president said UDB must do more to help investors.

‘’We put some money into the bank, it must do its job,’’ Museveni said.

The factory intends to produce 95 million gloves per annum which is enough to feed Africa that previously imported 100% of her surgical gloves needs.

Evelyn Anite, the minister of state for Investment, said the local production of medical supplies signals increased health standards.

In similar news earlier reported by NEWSLEXPOINT.com, Aviation Entrepreneur Captain Mike Mukula has blasted the government and Uganda Civil Aviation Authority for being bureaucratic in issuing license and registration of private airline operators in the country.

Speaking at the 8th graduation ceremony of Uganda Aviation Academy in Kampala, Mike Mukula said the bureaucracy has slowed down business. It has also up-scaled unfair competition in the airline business.

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