Masaka – The Chief Executive Officer of Ngetta Tropical Holdings [NTH] Limited has implored government to inject more money in Uganda Development Bank [UDB].
Mr. Paul Omara says UDB is where private sector could have access to affordable credit in order to accelerate meaningful economic growth.
He emphasized that the 100 billion recapitalization of UDB is a drop in the ocean and will not be “sufficient for the long term affordable money needed by the private sector”.
Mr. Omara who has been in the banking sector for over 23 years, was addressing a retreat for the Directors and Commissioners of the Ministry of Agriculture, Animal Husbandry and Fisheries as a guest speaker.
The retreat took place on Thursday at Bravod Hotel in Masaka.
Omara applauded the ministry’s efforts in building closer collaboration between the ministry and the private sector.
The NTH Chief also provided a detailed information with robust data “why oil seeds have become a major strategic crop for Northern Uganda”.
He said Uganda imports crude oil palm worth Ugx.270m dollars annually mainly from Malaysia and Indonesia and refined oils from Egypt which money, if were to be invested in the greater north like Ngetta Tropical Holdings would spur development amongst the farming communities.
He also emphasized that Uganda can become self reliant in cooking oil in the next 3 to 5 years with proper planning.
After his presentation, the ministry’s teams welcomed the opportunity to work with the private sector as a core agenda to speed up the country’s development strategy.
The retreat was organised under the theme: “Harmonising Public Sector Planning and Private Sector Demands for Value Addition Development and Agro-industrilization.”