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Day: February 20, 2020

Feb202020 by Our ReporterNo Comments
Uganda Borrows $246M From UK To Expand Namanve Industrial Park

Uganda Borrows $246M From UK To Expand Namanve Industrial Park

Business, NEWS
By Keefa Nuwahereza The government of Uganda has secured a loan facility of US$246, over Shs903Bn from the United Kingdom, to finance the expansion of Namanve Industrial Park, this website has learnt. Sources have revealed to Elite News that Uganda received $246m credit from the U.K Export Finance agency to upgrade its Kampala Industrial and Business Park, as the East African state focuses on manufacturing to spur the economy. The country will use the credit on infrastructure for the 2,200-acre park and Lagan Group Ltd. has been contracted to carry out the work over a 42-month period, the Uganda Investment Authority said in an emailed statement.  It should be noted that most investors allocated land at the park have failed to establish operations because of a “complex ge...
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Feb202020 by Our ReporterNo Comments
MPs Irked After BoU Officials Announce Shs2 Trillion Losses

MPs Irked After BoU Officials Announce Shs2 Trillion Losses

NEWS
By Keefa Nuwahereza Parliament was Wednesday engulfed in turmoil after legislators received a report indicating that the Bank of Uganda had registered losses amounting to over Shs2 Trillion.  The report was presented by the State Minister for Economic Planning David Bahati. However, Bahati, in a response to a question posed by Bulamogi county Member of Parliament  Kenneth Lubogo,  said that  Bank of Uganda posted only Shs40 billion in profits in 15 years, which was remitted to the Consolidated Fund Account as required by the Bank of Uganda Act. Lubogo  had sought to know the “profits or losses BoU has made annually for the last 15 years, so he asked Bahati that "When was the last time BoU made profits?” The legislators later established that the Shs4...
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Feb202020 by Our ReporterNo Comments
‘Trade Wars Undermine Existence Of East African Community’- Experts

‘Trade Wars Undermine Existence Of East African Community’- Experts

NEWS, Politics
Trade wars among East African Community members have put in doubt the 21st Ordinary EAC Heads of State Summit slated for February 2020, according to economics experts. By Elite Reporter A cloud of uncertainty now hangs over the summit that was supposed to be held in November last year but was called off at the last minute under unclear circumstances. “A date has so far not yet been set for the Heads of State Summit. However, we expect that it will either be held in late February or March,” said Simon Peter Owaka, head of communications at the EAC Secretariat. He added that “The summit is responsible for setting its own date and agenda, which are shared at least one week in advance with various stakeholders.” However, Kenya’s EAC and Regional Development Cabinet Secretary Ad...
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Feb202020 by Our Reporter1 Comment
Rwanda Orders Uganda To Fire Top Gov’t Officials Ahead Of Museveni, Kagame Meet

Rwanda Orders Uganda To Fire Top Gov’t Officials Ahead Of Museveni, Kagame Meet

NEWS
By Keefa Nuwahereza Controversy has arisen after Rwanda demanding the firing of top Ugandan government officials and army officers ahead of the meeting between presidents Yoweri Museveni Paul Kagame, slated for Friday, February 21, 2020. Ugandan and Angolan officials were stunned last Friday after the Rwandan team demanded that President Museveni fires his top security chiefs,  among them Brig. Abel Kandiho, who heads the Chieftaincy of Military Intelligence (CMI) and Rtd. Col Kaka Bagyenda of Internal Security Organisation(ISO), as part of the conditions for normalizing relations between the two countries. Ugandan and Rwandan officials last Friday met in Kigali in fulfilment of the Luanda protocol that aims at normalizing tensions between the two countries. The meeting...
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