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Gov’t Borrows Shs735Bn From UK For Namanve Business Park Amidst Heavy Debt Burden

By Keefa Nuwahereza

Despite the  terrible debt burden that Uganda is currently wallowing in, Government has secured a loan of USD200m (about Shs735b) for development of infrastructure at Kampala Investment Business Park (KIPB) in Namanve, Mukono District.

The revelation was made Monday by State minister for Investment and Privatisation, Ms Evelyn Anite, during the ground breaking ceremony for the infrastructure development at Namanve.

“ The project will cost  USD200 million and the taxpayers are going to be able to fund the loan. The financier is UK Export Finance,” Ms Anite said.

She added that the infrastructure development will enable ministry of Finance to take action on non-compliant investors who take up land for investment in the industrial park but don’t start work within the stipulated 18 months.

“Development period is only 18 months. If you don’t develop the land, we withdraw it but that has been hard for us because every time we have wanted to withdraw it, they [investors] would tell us, ‘you have not done your part,’ which is the infrastructure,” Ms Anite said.

Anite noted that “But once we have the infrastructure, it is going to be strictly 18 months. You don’t develop, we withdraw the land from you and give it to people who are serious. We have about 60 companies who have held the land longer than the 18 months without clear reasons. We want the 500 companies that were cleared in the park to be in this place and create jobs.”

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MEGA MILK

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