Investment clubs seek to invest in land

Jul 14, 2013

Parliament has been asked to amend the law that bars investment clubs from investing in certain areas such as land, to increase investments in the country.The call was made by the national coordinator of the competitiveness and investment climate strategy secretariat, Dr. Peter Ngategize.

By Prossy Nandudu

Parliament has been asked to amend the law that bars investment clubs from investing in certain areas such as land, to increase investments in the country.

The call was made by the national coordinator of the competitiveness and investment climate strategy secretariat, Dr. Peter Ngategize.

He said the Corrective Investment Schemes Law does not allow investment clubs or groups to invest in land.

“We have asked our lawyers propose to Parliament to amend it to allow investment clubs to invest in land as well,” said Ngategize

Ngategize said land holds more than 50% of the wealth of the majority of Ugandans and if investment clubs are stopped from investing in it, growth would be slow.

“Land is a resource that appreciates, especially when you have formal rights on it. It is also the most acceptable form of collateral for loans,” explained Ngategize.

He was recently addressing members and leaders from 80 investment clubs in Uganda at an experience sharing session, organised by the Investment Club Associations of Uganda at Imperial Royale Hotel.

The key note speaker, David Kinyua, advised investment clubs to empower a small committees to manage the affairs of their clubs. He said some groups have many committee full of experts who do not take action,

 

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