President Yoweri Museveni has ordered Ugandans to report all moneylenders so that they are arrested for extorting them with high interest rates.
“These moneylenders have been cheating you. I have put a padlock on moneylenders. Moneylenders who cheat you and buy land and property claiming that they have signed a purchase agreement for lending you money, we shall arrest them,” Museveni revealed.
He urged, “Report them because Luzira has a lot of space, it isn’t yet full.”
Recently Finance Minister, Matia Kasaija under the Tier 4 Microfinance Institutions and Money Lenders Act, Cap. 61, announced 2.8% per month or 33.6% per annum as the maximum interest rate lenders can impose on the borrowers.
However, Museveni was glad to hear that the recipients of Parish Development Model funds are becoming millionaires.
Musveni made the revelation today while launching the construction works for the 272km Standard Gauge Railway (SGR) from Malaba to Kampala.
The project includes an electric railway line and all associated infrastructure and is set to be completed within 48 months.
Once completed, the SGR will enhance regional integration and international trade, reduce transport costs ($0.155 per tonne-km to $0.05 per tonne-km), reduce travel times from Mombasa to Kampala (10-14 days to 1 day) and reduce road wear and tear, road maintenance costs.
Museveni noted that the SGR will reduce congestion, cost and wastage. He noted that more airports will be constructed in Bwindi, Kasese and Kidepo to ease the movement of tourists to the tourism centres.
He urged that cargo will specifically be on railway and water, the petroleum will be through the pipeline from Kenya, Tanzania and another one from DR Congo.
“The pipelines will help reduce accidents, for example the one in Kigoogwa which claimed many lives.
