Diamond Trust Bank(DTB) has opened a new branch in Kapeeka industrial park in Nakaseke district, the first of its kind in the industrial park also known as Liao Shen.
Speaking during the opening ceremony, the DTB Uganda Managing Director, Varghese Thambi said the bank will continue supporting Uganda’s import substitution strategy.
“We are here to support the economic development of not only this area but Uganda at large. This industrial park not only creates employment but also supports import substitution. This will bridge the gap between imports to Uganda and exports from Uganda to make the build Uganda, build Uganda theme of government a reality,” Thambi said.
He hailed government for ensuring Uganda is one of the best investment destinations on the African continent with cheap labour, political stability and availability of cheap raw materials.
The Bank of Uganda Director for Commercial Banking, Hannington Wasswa hailed DTB for thinking outside the box to invest in the industrial park to support manufacturers.
“I am happy for DBT for embracing technology but also expanding its wings to areas like this industrial park. The bank has strategically positioned itself to provide banking services more conveniently to existing and prospecting customers within this complex and the neighbouring areas,” Wasswa said.
The BoU director for commercial banking said the effects of the global economic and geopolitical tensions have negatively affected the business environment in the country but noted that commercial banks are key in ensuring the problem is corrected.
The Chief Coordinator of Operation Wealth Creation, Gen Salim Saleh, who was the chief guest during the function hailed DTB for doing what others have failed to support the industrial park.
“Once you have prayers, they will always be answered. I am happy my prayers have been answered and we have a bank here. Even with little knowledge, I have been attempting to see a bank come here. You have joined me in fighting for financial freedom of Ugandans,” Gen Saleh said.
“For me, the whole idea has been financial freedom for the majority of the population. I am happy that DTB has joined me on this fight. For the manufacturers here, you can borrow from this bank but don’t borrow if you won’t pay back.”
He noted that apart from workers in the industrial park opening accounts, the factories can also get loans from the bank.
Gen Saleh implored the bank to also invest in incubation centres and agriculture processing facilities.
“Work with government to see how you can connect with them.”
Gen Saleh however said he is perturbed that only 2% of the local population of Nakaseke is employed in the industrial park which has over 7000 workers.