Minister of State for Investment and Privatization Ms Evelyn Anite has called on President Museveni to dissolve the leadership of the Uganda Development Bank (UDB), saying it is hampering national development by denying local investors public funds.
Speaking at the launch of East Africa Medical Vitals (EAMV), a Ugandan medical glove manufacturing plant in Namanve in the Wakiso district over the weekend, Ms Anite told the president at the ceremony that she discovered that the UDB was fixing the money in other commercial banks for a quick return.
“We have summoned the management and the board of directors of the UDB to explain to us. And your Excellency, if they do not give a clear explanation, we will ask you to let us go because they are not not up to their task, ”she said. .
Ms Anite’s remarks followed a presentation by EAMV’s Executive Chairman, Mr Ben Kavuya, who said he unsuccessfully requested a loan from UDB to establish the plant.
Mr Kavuya told Mr Museveni that he found solace in the East African Development Bank which took a bold step by granting him a loan of $ 6.3 million (approx. 22.4 billion shillings) to help it complete the work and start operations.
Ms Sumin Namaganda Musinguzi, UDB’s communications manager, yesterday asked Daily Monitor to email her and promised to respond. However, at press time, she had not responded.
President Museveni said they would address the issue of capital, electricity supply and restrictions imposed by the National Environmental Management Authority that continue to affect investors.
“Don’t be put off by the confusion in the UDB. We have quite a bit of money in this bank and we are going to put more money into it,” he said.
“This factory meets a need that has existed for a long time. Gloves are needed for medical personnel to protect themselves from patient germs and also protect patients from doctors’ germs,” he added.
The president also asked the Ministry of Commerce to work with the Ministry of Agriculture so that farmers can start growing rubber trees in the country.
Rubber is the raw material used at the factory for manufacturing gloves and is currently imported.
Mr Kavuya said the $ 14.5 million factory (Shs51.6b) manufactures 10,000 pieces of gloves per hour and has the capacity to manufacture 95 million gloves per year.