President Museveni has said government has injected Shs 1.6 trillion into the Uganda Development Bank (UDB) to support manufacturers and large-scale farmers, in a move aimed at expanding access to affordable capital for productive sectors of the economy.
Speaking during the State of the Nation Address at Kololo Ceremonial Grounds on Thursday, Museveni said the financing is intended to strengthen large-scale production, while smaller households continue to be supported through other government programmes.
“We are always creating other funds for the ghettos, musicians, etc. Capital will no longer be the problem,” he said.
He added that government may reallocate resources within existing programmes to expand funding where necessary, depending on demand and absorption capacity.
“Once people have woken up and want capital, if the money in PDM is not enough we can increase the money by adjusting other areas,” Museveni said.
The President explained that the Parish Development Model (PDM) is designed primarily for small household enterprises, while larger farmers and manufacturers are supported through structured development financing mechanisms such as UDB.
“But this is for the smaller people. The question is now, how about the big farmers and the manufacturers? Yes, we have not forgotten those,” he said.
Museveni said the National Resistance Movement (NRM) government has identified key requirements needed to build a prosperous economy, stressing that access to capital is central to wealth creation efforts.
“NRM has identified all requirements to build a prosperous Uganda. As I’ve said before, our mission has been to ensure that people who listen to our message are assisted to be wealth creators,” he said.
He also referenced his earlier directive on accountability in leadership, reiterating his call for discipline and focus among public officials.
“During the presidential inauguration, I put forward a call for ‘no more sleep.’ Some people are already distorting it as just ‘no sleep.’ To make the message clear: it means no more sleep, no more diverting people’s attention, no more corruption and no more tolerance of leaders who want leadership just for ego and personal intentions,” he said.
Museveni also pointed to economic shifts, saying Uganda’s transition into a money economy has expanded significantly over time.
“In 1962 only 9% of Ugandans were in the money economy. Right now 67% are in the money economy,” he said.
He further stated that economic growth is projected at 6.4% this year, with expectations of reaching 10% next year ahead of the start of commercial oil production.