The Chief Executive Officer of Ngetta Tropical Holdings Mr Paul Omara has implored government to inject more money in the Uganda Development Bank where private sector could have access to affordable credit in order to accelerate meaningful economic growth.
He emphasized that the 100 billion recapitalization of Uganda Development Bank 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 Ministry Agriculture, Animal Industry and Fisheries as a guest speaker at a function that took place Thursday at Bravod hotel in Masaka.
Omara applauded the ministry’s efforts in building closer collaboration between the ministry and the private sector and also provided a detailed information with robust data why oils seeds have become a major strategic crop for Northern Uganda.
He said Uganda imports crude oil palm worth 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 does would spiral up development amongst the farming communities.
Omara 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-industrialization.
The retreat was attended by the Minister of Agriculture Animal Industry and Fisheries Hon Vincent Bamulangaki Ssempijja and Minister of Finance Planning and Economic Development Hon Matia Kasaija.