The Kampala Capital City Authority (KCCA) has said it will hold a two day mid-term review for the US$183.7 million Second Kampala Institutional and Infrastructure Development Project (KIIDP II) between December 14-15, 2017.

According to a statement by KCCA, delegates at the meeting will assess progress and determine whether the project is achieving its intended objectives.

“It is only logical to stop and take stock of an activity to ascertain it is on the right path. Likewise, plans for the remaining period of the project are defined at this point,” the Authority says in a public statement.

The KCCA officials further say the outcome of the mid-term evaluation will guide future them in implementing infrastructure and institutional development programs.  “It may also result into the identification of funding gaps and opportunities,” they say.

Two reports will be presented for discussion by independent firms.  The reports scientifically assess the quality and strategic relevance of the project.

“A comparison of the results achieved so far with the objectives and milestones expressed in the original project plan will be presented to key stakeholders at the workshop. KCCA will also utilize this opportunity to engage stakeholders on key issues concerning service delivery in the City,” statement adds.

Achievements

Over the past two years, the KIIDP 2 has seen city roads and junctions were widened and constructed plus associated infrastructure at Fairway, Kira – Bukoto, Bwaise, Makerere Hill Road, and current works on Bakuli-Nankulabye-Kasubi road. Officials say a multi model Urban Transport Master Plan was developed as well as a Drainage Master Plan updated.

More so, they say, an automated register of all properties and roads in the city was established in Central and Nakawa Division.

“Revenue administration in KCCA was streamlined with projected annual income of Shs19 billion; Meanwhile, a city address system was created with streets named and buildings numbered to ease delivery of services,” the statement reads in part.

Challenges

Officials say the project encountered some challenges during its implementation such as delayed handover of road sections either because property owners are out of the country or properties have encumbrances such as mortgages and family wrangles. Other bottlenecks, according to officials, include delayed relocation of utilities, vandalism of infrastructure such as road signs, and more.

Performance Rating

Despite the challenges, officials at KCCA say the overall performance of the KIIDP 2 is rated as satisfactory by the World Bank.  The project is funded by the World Bank and the Government of Uganda.

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The Minister of Finance, Planning and Economic Development, Matia Kasaija, has appointed a new Board of Directors of the Capital Markets Authority (CMA), following the expiry of the three-year term for the Board which was appointed in November 2014.

The new Board chaired by Jacqueline Kobusingye Opondo will serve for a period of five years.

While officiating at the farewell and welcome dinner for the outgoing and incoming members of the Board held at the Kampala Serena Hotel, the Minister, who was represented by his Economic Advisor, Wilson Twamuhabwa, lauded the outgoing Board for a job well done in ensuring that the institution and the industry continue to grow. He also  challenged the incoming Board to consolidate the gains and strive to build a resilient and strong institution.

“My challenge to the incoming Board which will be steered by Jacqueline Kobusingye Opondo is to consolidate the past gains but also continue to build a strong, vibrant, sound and resilient institution which is effective and efficient”, the Minister said in a speech read for him.

“As a regulator, the public – especially the investors, whom you serve, have very high expectations of you. Equally, the private sector and government which are supposed to tap into the capital markets to raise expansion capital have high expectations,” Kasaija continued.

“Therefore, I wish to take this opportunity to request you to ensure that you live to the aspirations of our country as enshrined in Uganda’s Vision 2040, the National Development Plan II and the 10-year Capital Markets Development Master Plan.”

The Minister cautioned the Board to ensure they remain accountable to the public and pledged the support of the Ministry of Finance to the growth of Uganda’s capital markets.

In her remarks, the incoming Board Chairperson Ms. Kobusingye Opondo thanked the Minister for entrusting her with the responsibility to lead the Board, adding that taking advantage of the opportunities in the capital markets will require collective effort from Government, the CMA and the industry as a whole.

“We need to go beyond increasing awareness and public education to developing innovative products and solutions that will increase access to the capital markets for both investors and issuers”, said Ms Opondo.

She added: “Our capital market has a lot of untapped potential which we are yet to fully maximise both as an industry as well as the private sector and as Government embarks on the massive infrastructure projects both at domestic and regional level, I believe the capital markets are in a good position to partly finance some of these projects.”

In his farewell remarks, the outgoing Board Chairman, Grace Jethro Kavuma commended his colleagues for the support and commitment towards the achievement of CMA’s vision over the period. He also thanked the CMA Management for the continuous efforts towards making the Board work easy and implementing the decisions of the Board.

The CEO of the CMA, Keith Kalyegira also thanked the outgoing Board for their guidance, especially during the development of the Authority’s five year strategic plan and the ten-year Capital Markets Development Master Plan, which is currently in its second year of implementation.

He noted that the capital markets in Uganda still need to grow and that is why the Authority is a strong advocate for pension reforms which aim to among other things, reform the sector and create an additional mandatory scheme or two which will increase capital raising options amongst Ugandan businesses seeking to raise patient capital for expansion, debt refinancing or seeking to reduce their shareholders’ stake in their business.

“I also wish to thank the Hon. Minister of Finance for expeditiously appointing the new Board to ensure a smooth handover and continuity of the operations of the Authority; this is a sign of commitment from Government towards building an efficient and well governed institution,” he said.

The CMA Board is comprised of eleven members including its CEO, who are appointed by the Minister of Finance, Planning and Economic Development. The members represent various institutions in the private and public sectors as prescribed in the CMA Act.

The newly appointed members of the CMA Board are: Jacqueline Kobusingye Opondo (Chairperson and representative of the Institute of Certified Public Accountants of Uganda), Saul Sseremba (Represents the Insurance Training Institute of Uganda), Fabian Kasi (represents Uganda Bankers Association) Joselyn Kateeba (represents Uganda Manufacturers Association) Irene Lugayizi (Represents the Solicitor General), Stephen Mulema (Represents the Governor Bank of Uganda) and Mr. Joseph Enyimu (Represents the Permanent Secretary/ Secretary to the Treasury).

Other members include; Donald Nyakairu (Uganda National Chamber of Commerce and Industry), Bemanya Twebaze (Registrar General) and the CEO.  The Authority still awaits the official appointment of one more member who is the representative of the Uganda Law Society.

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The Commercial Court in Kampala has ordered a city businessman, one Amir Nsamo, to pay Equity Bank over Shs77 million.

This is after Nsamo lost and application seeking the reversal of an earlier decision by the High Court on grounds that he was never served with the summons and plaint in the suit which the High Court had ruled on.

He further argued that  he has a good defense to the suit in as far as the sums claimed in the loan facility by Equity Bank is disputed and that the loan facility was itself frustrated by an act yet the High Court had denied him the opportunity to defend himself.

In response to the application, Samson Kakooza, Equity Bank’s Recoveries Manager Debt Recovery Unit stated that Nsamo obtained a credit facility of Shs90, 000,000 from Equity for the purchase of a truck.

He was contractually obliged to settle the above credit in 36 equal monthly installments comprising of both principal and interest.

However, due to failure by him to make monthly remittances on their due dates, the loan facility was recalled and HCCSNO.190 of 2014 was instituted against him at the High Court for recovery of the entire loan balance, interest and cost of the suit thereof.

“Court summons were published in the Daily Monitor News Paper of 18th June 2014, at page 29. On the 21st day of August 2014 the applicant through his lawyers Setimba & Co. Advocates filed a Notice of Joint Instructions which was served upon the respondent’s lawyers on the 22nd day of August 2014. Subsequently, the applicant through his above mentioned lawyers made a payment proposal (of Shs77,468,000) which was never honored,” reads the response in part.

Basing on the above submissions, Commercial Court judge, Billy Kainamura upheld the decision of the High Court, dismissing Nsamo’s application with costs.

“In the result this application is dismissed with costs,” the judge ruled.

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