Gov't Initiates Plans for Indigenous Patient Capital and Cross-Border Investment Bank

Uganda has embarked on a groundbreaking initiative to establish an Indigenous Patient Capital and Cross-Border African Investment Bank.

The ambitious project aims to address funding gaps and infrastructure deficits hindering the country's economic development.

Spearheaded by visionary leaders including Col. Edith Nakalema and Prof. Pamela Mbabazi, the initiative garnered support from key stakeholders, including the private sector and financial institutions.

Prof. Mbabazi, Chair of National Planning Authority, highlighted the significance of patient capital in driving sustainable growth, emphasizing its potential to unlock opportunities for projects like the Standard Gauge Railway.

"The establishment of indigenous patient capital aims to strengthen Uganda's private sector, crucial for driving socioeconomic transformation amidst challenges like high interest rates and limited funding." Prof. Mbabazi noted.

Dr. Beenunula Eyenunula, CEO of TRAVACO, underscored the project's role in overcoming barriers to economic development, drawing parallels with successful models in Asia.

"With a minimum capital requirement of USD 5 million, the project seeks to mobilize asset management practices to generate cash flow proceeds within six months."

Maj. (Rtd). Gertrude Njuba emphasized the importance of asset management in garnering government support, while former Minister Prof. Tarsis Kabwegyere urged stakeholders to learn from independent initiatives and safeguard against neo-colonialism.

Former Attorney General Mr. Fred Ruhindi emphasized the need for discipline in achieving milestones, echoing sentiments of unity and national development.

The meeting, attended by notable figures including Deputy Governor of the Bank of Uganda Dr. Michael Atingi-Ego and founder of Jumia, Mr. Ron Kawamara, signifies Uganda's commitment to charting a path towards economic prosperity through innovative financial solutions.