Finance State Minister, Henry Musasizi has asked Members of Parliament to approve up to Shs3.5 trillion to finance the Shs48.1 trillion budget.

The first loan request which is up to US$464 million translating to about Shs1.7 trillion, is to be sourced from the Standard Chartered Bank.

In documents which now stand referred to Parliament’s Committee on National Economy, Standard Chartered Bank will merely be an agent for two financial institutions that will actually supply the cash, should Parliament approve the loan request.

Whereas Musasizi said Standard Chartered Bank “emerged the best bidder with the lowest cost of financing provided to government,” £272 million of the loan will be sourced from Nippon Export and Investment Insurance (NEXT), a Japanese trade and investment insurance firm, while £182.7 million will be picked from the Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC).

Standard Chartered Bank’s role in the borrowing will be that of “agent and mandated lead arranger for the loan.”

Musasizi defended the loan, saying it is intended to “help pay outstanding infrastructure certificates among others to avoid accumulating arrears during the financial year”.

He also said because of financial constraints, government managed to only finance seven per cent of the different votes’ development expenditure, which he said will have an effect on budget performance and economic recovery.

NEXT will charge an interest of 2.9 per cent on their facility, whereas their counterpart the ICIEC will reap 3.5 per cent from their credit. The loan’s maturity period is 10 years, with an additional grace period of four years.

Separately, Musasizi also tabled a US$140 million loan request to be picked from the International Development Association, a facility that comes with a US$60 million grant. This, he said, will finance the Uganda Digital Acceleration Project (UDAP).

Musasizi said the project is intended to “expand access to high speed internet, improve efficiency of Digital Government Services, and strengthen the digital inclusion of the host communities and refugees [where the project will be implemented]”.
Another loan request to be sourced from the same agency is a US$331.5 million loan, which comes with a grant totalling to US$276.5 million.

This particular facility will be used to “finance the electricity access scale-up projects”.

Minister Musasizi said the loan is critical in electricity access expansion across the country.
“[This loan facility] seeks to facilitate at least one million electricity connections covering households, commercial enterprises, industrial parks, mining centres and public institutions,” said Musasizi.

The two facilities together add up to US$471 million, which is merged with the US$464 Standard Chartered Bank arranged facility totals up to about Shs3.5 trillion.

The committee will be expeditiously processing the requests to inform Parliament’s decision to approve or reject the loan requests.

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Jumia has launched one Month-Long Black Friday Shopping Promotion. The promotion will run from the 4th and 25th of November 2022 and coincides with Black Friday; a global shopping phenomenon that falls on the fourth Friday of November, except when the first Friday falls on the 1st of November.

Under the new promotion, Jumia partnered with dfcu Bank where the Bank’s Visa Debit and Credit Card holders will enjoy discounts of up to 20 percent when they use their cards to purchase items off the Jumia shopping platform.

The announcement was made at the Jumia Uganda Offices, where dfcu was also announced as the Platinum Sponsor for this year’s Jumia Uganda Black Friday 21-day promotion. For a limited time, several brands, and stores in the FMCG, automobile and technology industry will offer buyers discounts on a selection of items.

According to Jude Kansiime, dfcu’s Head of Marketing, this partnership is an opportunity for the Bank’s customers to enjoy guaranteed discounts on the wide range of products sold on Jumia’s shopping platform. Jumia’s wide range of products as they kick off their end-of-year festivities.

“One of the major outcomes of the Covid-19 pandemic was a global shift from physical to online shopping, and Uganda was no exception. We are excited to partner with a credible online shopping platform such as Jumia to give our Visa Card holders an opportunity to enjoy Black Friday discounts throughout the month of November,” he noted.

“This campaign also comes at a time when the year is coming to a close. It offers the opportunity to stock up for the festive season, with discounted prices on various items including household goods. We are excited that our customers will enjoy reduced prices, shopping convenience and an early festive season with dfcu and Jumia,” he commented.

Ron Kawamara, Jumia Uganda’s Chief Executive Officer said, “This year’s Jumia Black Friday campaign is important to us and our customers now more than ever. We considered the challenging economic times we all faced owing to the pandemic, especially increased commodity prices. We are grateful to the thousands of Ugandan businesses participating in this campaign and their efforts to offer the best deals to our consumers. This is a reaffirmation of the unified commitment from the private sector and by extension the public sector, to the bright future of e-commerce in this country.”

Faridah Nalubega, Manager of Cards & Money Transfers at dfcu Bank noted that the Bank’s existing Visa Debit and Credit Customers will all benefit from the promotion.

“Throughout this year, we have run a number of customer-centered campaigns which are in line with the Bank’s vision to transform lives through the provision of innovative solutions. Combining the convenience of our Debit and Credit Cards, the excitement of discounted prices and the overall value of Black Friday, the Ugandan way.”

Characterized as one of the busiest shopping seasons, Black Friday marks the beginning of the end-of-year festive season that includes Christmas and New Year’s celebrations. As part of the partnership, dfcu Bank customers will enjoy discounts on different categories including Electronics & Accessories, Home and Kitchen, Clothing and Accessories as well as Food and Beverages.

Discounts will be immediate upon checkout and customers will be able to take part in promotions and limited-time sales such as treasure hunts.

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The Speaker of Parliament Anita Among has this morning told Deputy Inspector General of Police Maj Gen Tumusiime Katsigazi to solve the boda-boda accidents crisis that continues to claim innocent lives.

In a meeting, convened following the release of a CCTV video by police, in which graphic details show accidents involving boda-bodas during October,  Among told Maj Gen Katsigazi that the country faces a crisis that must be addressed immediately.

“We face a crisis, especially on Kampala roads as a result of reckless boda-boda riders. We must address it forthwith. You need to take critical steps to reverse this devastating trend and save lives on our roads,” she said, noting that police should also find long-term solutions to solve the issue of road carnage, through tightening enforcement and traffic guidelines to curb errant road users.

Boda-boda accidents remain the largest contributor to fatal accidents, in which at least an average of 1,918 people are killed annually, according to the 2021 Annual Crime and Traffic/Road Safety report.

Maj Gen Katsigazi said that it was true the recent spate of accidents had been a result of reckless road users, noting that police will come up with measures to address the matter.

On Saturday, State Minister for Lands Sam Mayanja’s daughter Belinda Birungi was reportedly knocked while riding on a boda-boda along Stretcher Road, Ntinda.

The boda-boda rider whose particulars were not readily available by the time of filing this report died on the spot while Birungi was rushed to hospital in critical condition before she was pronounced dead moments later.

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Embattled Chief Executive Officer of Uganda Airlines, Jenifer Bamuturaki, has won the Africa Travel and Tourism 100 Award in Lagos, Nigeria, recognizing exceptional women in the travel and tourism sector.

Bamuturaki received the award in the presence of Stilson Muhwezi, the second Secretary in Charge of Trade and Investment at the Uganda Embassy, Nigeria and Barbara Namugambe, the Under Secretary of the Ministry of Works and Transport.

Bamuturaki served as the Commercial Director of Uganda Airlines, responsible for Commercial, Sales and Marketing, scheduling and network planning end-to-end management and sales and service support to all markets and Countries of operation. Previously, she worked for Air Uganda and East African Airlines.

Bamuturaki was in July 2022 appointed the CEO of Uganda Airlines after serving in acting capacity for six months. Her appointment was confirmed by Gen. Edward Katumba Wamala, the Works and Transport Minister in a letter dated 5th July 2022 to the chairperson of the Uganda Airlines board.

She was named CEO after the suspension and sacking of Cornwell Muleya, some board members and staff over allegations of corruption and mismanagement of the National airline.

Bamuturaki has been under scrutiny for lack of academic documents and mismanagement of the airline. According to the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) Bamuturaki has no academic transcript and the Uganda Certificate of Education (UCE) result slip despite all claims that she graduated in 1994.

The MPs claim that the CEO of Uganda airlines has to have among other a bachelor’s degree and a post-graduate diploma however the Airline CEO Jennifer didn’t meet the minimum academic requirements at the time of appointment. She only had a B.A SWASA and lacked postgraduate training.

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