President pledges support to proposed Commonwealth Investment Fund, Education, Housing gas targeted

Monday 3rd December 2012

President Yoweri Museveni has pledged Uganda’s support to the proposed investment fund targeting the housing sector, Education and skills and gas development in Uganda and other African countries. The fund proposed by the outgoing Director General of the Commonwealth Business Council Dr. Mohan Kaul will be implemented using a loan from the Commonwealth Investment Fund and the Africa Investment Fund.

Dr. Mohan who has been Director General since the business council was started in 1997 has been replaced by Sir Alan Collin a former career diplomat. Dr Mohan Kaul has been at the driving seat of the Commonwealth Business Council since it was set up more than a decade ago, leading the way in advocating for opportunities for business and enterprise across the 54-member association.

Mohan who was in Uganda to brief the President about the Commonwealth investment plans in Africa said he was exploring investments in housing for defence forces of two to three bedroom houses each worth US$45,000 to US$ 50,000 dollars a piece with a loan payable over ten years period and an interest of up to 2% per annum. “We are also looking at investments in gas and solar projects and in skilling in Uganda as part of promoting trade and industry,” he said.

Dr. Mohan said they also wanted to invest in a skilling training facility and urged government to strengthen the certification process to promote trade. He also said they intend to initiate a pilot project for clean water using Spanish technology that is cheap and effective. President Museveni assured Dr. Mohan of Uganda’s support to the investment fund pledging to identify land for the skill training facility. He said the investors can build and run the facility privately as long as it offered quality training to suit the market. Uganda has already provided land for the Commonwealth technologies at the Namanve Industrial park to focus on agriculture, ICT, tourism and infrastructure.

Dr. Mohan also briefed the President about the upcoming Commonwealth Investment Forum that will be hosted by the Uganda Investment Authority in Kampala in April next year.

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