Uganda Moves Towards Establishing Indigenous Patient Capital and African Investment Bank

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Uganda Moves Towards Establishing Indigenous Patient Capital and African Investment Bank
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Under the auspices of the Statehouse Investors Protection Unit, Uganda's private sector and government have raised their glasses to endorse the establishment of indigenous patient capital and a cross-border African Investment Bank, aligning closely with the President's vision of fostering long-term prosperity within Uganda, East Africa, and the broader African continent.

In a forum held in Kampala, Professor Pamela Mbabazi, Chair of the National Planning Authority, emphasized the importance of domestic business financing in driving local investments. She stated, "The whole idea is for all of us Ugandans to come together to bring capital together to start up an institution run on our own and then we use that to fund our own business."

Dr Beenunula Eyenunula, CEO of TRAVACO, advocated for long-term investment solutions, emphasizing the significance of patient capital. He said, "This forum in Kampala saw experts advocating for long-term investment solutions to nurture small and medium businesses (SMBs), the backbone of many thriving economies."

Patrick Ayota, Managing Director of the National Social Security Fund, highlighted the collective effort required to establish an institution that would fund indigenous businesses. He remarked, "The whole idea is for all of us Ugandans to come together to bring capital together to start up an institution run on our own and then we use that to fund our own business."

Ron Kawamara, former Chief Executive Officer of Jumia Uganda, who is now CEO HUGA MARA GROUP stressed the importance of ensuring that capital remains within the local ecosystem to finance Ugandan businesses effectively. He stated, "With this patient capital that is indigenous Ugandans but Uganda and finance Ugandan business is a way to go. We are here to discuss how do we resolve the issue of capital being foreign how do we make sure that capital within our ecosystem is both patient and from Uganda."

Conclusion:

With stakeholders rallying behind the initiative, the prospect of indigenous patient capital and an African Investment Bank signals a significant step towards realizing sustainable economic development and prosperity for Uganda and the African continent as a whole.

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