NGOs suggest allocation of sh100b to capitalise UDC

KAMPALA- Civil Society Organizations under the Civil Society Budget Advocacy Group (CSBAG) have suggested to Parliament and the Executive the need to capitalise Uganda Development Corporation (UDC) with sh100b as part of the necessary interventions for resuscitating the economy.

Updated at 0525 EAT on Fri 14th Jan 2022 – HICGI News Agency

Bank of Uganda – Courtesy Photo

In their budget position paper presented to the Parliament Trade, Tourism and Industry Committee, CSBAG argues that capitalisation of UDC with sh100b in the next financial year will help strengthen the government in unlocking investment opportunities in various key sectors of the economy.

When the UDC ACT was being enacted in 2016, there was a commitment from the government that UDC, which is the investment arm of government, would be capitalized with sh500b, which was never implemented.

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