Uganda planned investments surge
Mar 06, 2011
UGANDA'S planned investment more than double in February compared to the previous month, helped by the passage of a presidential election, the state-run Uganda Investment Authority (THE Public Procurement and Disposal of Public Assets Authority (PPDA) has suspended seven companies over fraud.
By Vision Reporter
UGANDA'S planned investment more than double in February compared to the previous month, helped by the passage of a presidential election, the state-run Uganda Investment Authority (THE Public Procurement and Disposal of Public Assets Authority (PPDA) has suspended seven companies over fraud.
The firms and their directors were stopped from doing business with all government institutions until they serve their punishments, which range from one year to five. UIA) said on Friday.
Uganda, which discovered commercial hydrocarbon deposits in its west in 2006, drew investments worth $407.7m in February from January’s $122m.
“The country has been in the midst of an election period and there were fears that investors would be wary of investing in Uganda,†said Doris Mitti, the UIA publicist.
“We were hugely surprised by what happened instead. we think that there is a growing sense among investors that Uganda is becoming a very stable country where security is guaranteed and that is motivating them to invest here.â€
UIA said it licensed 29 projects in the month. Once up and running, UIA estimates, they will create 12,265 jobs compared with 2,590 recorded in January from the same number of projects.
More than a third of the proposed projects are owned by Ugandans and between them they account for $214m of the month’s total planned investment.
At $149m, the finance and insurance sector accounted for the largest portion of new investments followed by manufacturing and energy.
tions of violence during the elections, it has been largely calm since polling day although a heavy security presence remains in the capital Kampala.
UIA said it licensed 29 projects in the month. Once up and running, UIA estimates, they will create 12,265 jobs compared with 2,590 jobs recorded in January from the same number of projects.
More than a third of the proposed projects are owned by Ugandans and between them they account for $214 million of the month’s total planned investment.
At $149 million, the finance and insurance sector accounted for the largest portion of new investments followed by manufacturing and energy.
The United Kingdom was the biggest source of foreign investors, bringing in $103 million worth of investment capital, followed by Norway which generated $64 million.
UGANDA'S planned investment more than double in February compared to the previous month, helped by the passage of a presidential election, the state-run Uganda Investment Authority (THE Public Procurement and Disposal of Public Assets Authority (PPDA) has suspended seven companies over fraud.
The firms and their directors were stopped from doing business with all government institutions until they serve their punishments, which range from one year to five. UIA) said on Friday.
Uganda, which discovered commercial hydrocarbon deposits in its west in 2006, drew investments worth $407.7m in February from January’s $122m.
“The country has been in the midst of an election period and there were fears that investors would be wary of investing in Uganda,†said Doris Mitti, the UIA publicist.
“We were hugely surprised by what happened instead. we think that there is a growing sense among investors that Uganda is becoming a very stable country where security is guaranteed and that is motivating them to invest here.â€
UIA said it licensed 29 projects in the month. Once up and running, UIA estimates, they will create 12,265 jobs compared with 2,590 recorded in January from the same number of projects.
More than a third of the proposed projects are owned by Ugandans and between them they account for $214m of the month’s total planned investment.
At $149m, the finance and insurance sector accounted for the largest portion of new investments followed by manufacturing and energy.
tions of violence during the elections, it has been largely calm since polling day although a heavy security presence remains in the capital Kampala.
UIA said it licensed 29 projects in the month. Once up and running, UIA estimates, they will create 12,265 jobs compared with 2,590 jobs recorded in January from the same number of projects.
More than a third of the proposed projects are owned by Ugandans and between them they account for $214 million of the month’s total planned investment.
At $149 million, the finance and insurance sector accounted for the largest portion of new investments followed by manufacturing and energy.
The United Kingdom was the biggest source of foreign investors, bringing in $103 million worth of investment capital, followed by Norway which generated $64 million.