By Moses Ntare
The government of Uganda under the leadership of the NRM party is set to boost the Uganda development bank with shs 500 billion within three years, according to the Ndorwa west legislator also minister of Finance for Planning David Bahati.
Bahati said this on Saturday when he was representing the Uganda premier, Rt Hon Ruhakana Rugunda while Officially opening the Umoja business sacco in Kabale town.
According to Bahati, the government of Uganda in this financial year 2018 /2019 invested shs 50 billion in the Uganda Development Bank – such that the small financial institutions like saccos can borrow money from there, at very small interest rate. This according to minister Bahati would boost saccos capital, and would anable them lend money to their clients at a very small interest.
The minister also revealed that government is set to invest shs 150 billion in the microfinance support centers such that saccos can borrow there money at low interest rates.
He advised members of the Umoja sacco and other saccos to work with government to develop their saccos.
Mr David Bahati, 45 is the member of Parliament for Ndorwa west constituency and is the state minister of finance for planning in the cabinet of Uganda.