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UGANDA PRESIDENT MEETS COMMONWEALTH DELEGATES OVER INFRASTRUCTURAL DEVELOPMENT
President Museveni plans for more infrastructural development in Uganda especially in electricity after meeting with CDC delegates.
Infrastructural development in Uganda is part of President Yoweri Museveni plans. In African nations, infrastructural development is the way forward. This is why Uganda President held a meeting with Commonwealth Development Corporation (CDC) delegation.
The focus of the meeting was on the different ways to develop the nation’s infrastructure especially in the electricity sector. It aimed at increasing the electricity supply and further reduce the long term lending rates on loans of commercial banks.
Uganda President Yoweri Museveni said “We are interested in infrastructural development in Uganda especially in the expansion of electricity distribution”.
He also said that the Government believes in a private sector led growth; with this, he emphasized on the need for low cost of doing business.
Uganda have no railway service, so transportation cost is very high. The nation is looking forward to funding from Commonwealth Development Corporation (CDC) to enable them solve this challenge.
President .@KagutaMuseveni meets @CDCgroup delegation accompanied by .@UKinUganda Amb. H.E Peter West. See details here; https://t.co/2xClAuKZiP . #Investments #InfrastructureDevelopment pic.twitter.com/WWZMlnupVR
— State House Uganda (@StateHouseUg) January 30, 2019
The Commonwealth Development Corporation (CDC) delegation was led by the Chief Executive, Mr. Nick O’Donohoe along with British High Commissioner to Uganda, Mr. Peter West.
CDC is the United Kingdom’s development finance institution that supports the building of businesses throughout Africa and South Asia.
During the visit, President Museveni said that the current goal for infrastructural development in Uganda is to promote transport, low cost finance and electricity distribution with emphasis on reducing the cost of electricity particularly for industries.
CDC’s Chief Executive, Mr. Nick O’Donohoe said “His organization has earmarked US$3.5 billion to invest in Sub-Sahara Africa in the next 3 years”.
He said that they are already engaged in the production of tea, sugar, finance and infrastructure development. He also said that CDC’s interests are in the sectors of manufacturing, health, education and affordable housing.