Kampala-Government will not privatize Uganda Development Bank but will instead capitalize it to give lower loan interest rates to Ugandans, President Yoweri Museveni has said.
“UDB will not be privatized, will instead be capitalized for development. We have already put money in UDB and we shall put more money Shs500 billion in 2017 so that bank can lend to farmers, manufacturers at interest rate of 5 percent.” Mr Museveni at the State of the Nation address.
Museveni was giving his State of Nation Address at the opening of the 5th session of Parliament at Serena Hotel Conference Centre in Kampala.
Museveni said the country has been able to sustain itself since 2006 because the National Resistance Movement (NRM) government has prioritized among priorities.
“We have boosted the Ministry of Works from Shs374 billion to Shs3328 billion today by denying ourselves elsewhere and put it here. By concentrating on Ministry of Works, you can see the results. I enjoy driving comfortably sleeping. I was only disturbed between Nebbi and Pakwarch.”He said
Adding “I need an inquiry and I have put a young lady and whoever ate that money has to explain.”
“The road between Tororo and Mbale and Soroti had become a problem but the other day I was there I just had to sleep. The other day I was in Kisoro and you saw what we have done.” he said noting that this was a decision the NRM took in 2006 and Ugandans are now seeing the benefits.
The President said when all power generation projects are complete; the country will have a capacity of 4360 mega watts of electricity. He however noted that there “small” mistakes that were done in the Energy sector.
Museveni said the earlier agreements in the Bujagali project in which a unit of electricity was to cost US$4.9 cents rose to US$10.1 Cents but was quick to add that the government would find cheaper money to re-finance and have the project developers paid.
He added that on completion of all the power projects, the cost of power generation from Karuma will be at US$5 cents, Isimba US$4.8 Cents and Geo-thermal at US$8 Cents. Museveni also said manufacturers will not pay for power exceeding US$5 Cents while other users will pay slightly higher.
He also said only four districts out of 112 districts are without power but towns like Nwoya and Buvuma will be connected to the power grid by 2016 and 2017 respectively.
The president said there is total peace in the country. He observed that it’s only the rampant murders, tax envision, corruption and other crimes in the country. He said CCTV cameras will be put up first in Kampala and other urban areas to make it difficult for criminals to operate in towns.
“One of them (methods to curtail crime) we have done is the computerization of the National Identity cards. When we add cameras, we shall expedite the process of getting these criminals.”
“Otherwise Uganda is one of the most peaceful countries in the World. Managing the crowds in Namugongo (on Martyrs Day) was not as simple as one would think. It’s one reason we should assist Police to do their work with ease”
Meanwhile the Speaker of Parliament Rebecca Alitwala Kadaga urged the Cabinet to carry out early submission of bills as they require time for consultations before being debated.
She also complained of absenteeism and lack of quorum by Members of Parliament due to demands from the public to attend funerals and social events in their respective constituencies. Kadaga urged the president to help the public understand the role of an MP.
“Once elected, the work of a Member of Parliament is in Kampala. This is not to stop members going to their constituencies but it must be understood.”
Kadaga reminded the MPs that they are on duty until May 2016 and should attend House business despite the elections due in February 2016.