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US investors to inject sh1.1 trillion in Uganda's health, real estate

By Henry Sekanjako

Added 8th February 2020 04:24 PM

The investors who are set to meet President Yoweri Museveni next week were received by Abbey Kigozi Walusimbi, the NRM Chairman –Diaspora league.

US investors to inject sh1.1 trillion in Uganda's health, real estate

The US investors’ team leader Mark Anthony Hernandez shaking hands with Abbey Kigozi Walusimbi, the NRM diaspora league Chairman after the press briefing at Entebbe International Airport. Photos/Courtesy

The investors who are set to meet President Yoweri Museveni next week were received by Abbey Kigozi Walusimbi, the NRM Chairman –Diaspora league.

INVESTMENT    DIASPORA     DEVELOPMENT

KAMPALA - A group of African American investors has offered to invest up to $300m (sh1.1trillion) in the health and real estate sectors in Uganda.

The 13- man delegation led by Mark Anthony Hernandez which is in the country to acquaint itself with Uganda, made the revelation on Friday, shortly after their arrival at the Entebbe International Airport.

According to Hernandez, they chose to invest sh1.1 trillion in Uganda because of the peace and security, coupled with what he described as the entrepreneurship nature of Ugandans.

"We chose East Africa, Uganda in particular, due to the friendliness and openness of Uganda, the National Resistance Movement (NRM) government and the entrepreneurship spirit of the Ugandan people," Hernandez said during a media briefing at the Entebbe international airport.

The investors who are set to meet President Yoweri Museveni next week were received by Abbey Kigozi Walusimbi, the NRM Chairman -Diaspora league.

 
Their planned investment in Uganda was coordinated by the East African Partners under the leadership of Isaac Kigozi, a Ugandan American entrepreneur.

Detailing the groups' investment plan in Uganda, Hernandez told journalists that as part of the health sector investment, they plan to establish a health facility that will deal with neurosurgery, among other related activities.

"We are a delegation of African Americans from California interested in bringing back African Americans' dollars back to Africa," he said.

On real estate investment, Hernandez said; "We have come with real estate investors and we are looking at investing in commercial and residential real estate and we hope to do this in partnership with the people of Uganda".

He commended President Museveni, state minister of investment Evelyn Anite and Isaac Kigozi for the good working relationship with investors.

Speaking at Entebbe, Isaac Kigozi said, unlike other investors that put conditions such as free land, the African American investors group is different.


"They came expecting nothing from the government. They said the government has done enough opening up doors to them and are now looking at what they can do for the government and the people of Uganda. This is exactly what enticed me to bring them to Uganda because they are not looking for free this, free that," Kigozi explained.

Kigozi also expressed optimism that the planned investment will not only fetch Ugandans jobs but also contribute highly to Uganda's economic growth and development.

"They want to utilize what God has blessed Uganda with, and find ways to enhance it as they also make a profit," he added.

On his part, Abbey Kigozi Walusimbi, the NRM chairman -Diaspora league assured the investors of steady peace and security as well as a readily available East African Community market, which is conducive enough for their investment in Uganda.

He implored the investors to bring on board more American investors to invest in Uganda, for increased opportunities for the people of Uganda and the American people.

According to the Uganda Investment Authority (UIA), foreign investors enjoy a 10 year tax holiday among other incentives such as the 100% profit repatriation and free land for investments.

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