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Business

Tycoon Ham Kiggundu Donates Shs. 100 M to Park Yard Vendors, Urges on Investment

Hamia Kiggundu (L) parades the money in cash at City Hall.
Hamis Kiggundu (L) parades the cash he donates to Park Yard traders at City Hall.

City businessman Hamis Kiggundu also known as Ham has urged vendors formerly working at the demolished Nakivubo Park Yard market to always make wise investment decisions.

The market was demolished in February to make way for the businessman to construct and redevelop Nakivubo Stadium.

On Friday, Kiggundu together with KCCA Executive Director Jennifer Musisi gave Shs100 million cash to the traders Sacco, Kampala General Better Traders Association.

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“Treat the money that you borrow as capital that you have to be careful with, “Kiggundu urged traders at a function held at City Hall.

“When you invest and treat it well, you can easily turn it into wealth. However small capital is, it can be invested and expanded,” he said.

After relocation to Ham Shopping grounds belonging to the businessman, traders were given a grace period of 6 months but according to KCCA Executive Director Jennifer Musisi, the traders complained that  the demolition of the market left most their capital depleted prompting them to seek intervention of KCCA.

Kiggundu( in white shirt left) hands over the dummy cheque to the traders .

Kiggundu( in white shirt left) hands over the dummy cheque to the traders .

“When I visited them, many traders narrated that business was slow, and they needed help so as to stabilize, “Musisi said.

“I decided to talk to the developer to see how to come to their help.”

She however noted that KCCA will not have a hand in administration and managing of the funds given to the traders’ Sacco.

“My aim was seeing how you (traders) can thrive in this situation and be able to earn a decent living. You should be able to manage your own issues.”

According to Charles Baryomunsi, the Kampala General Better Traders Sacco, the traders formerly at Park Yard have not stabilized since the demolition of the market. He was however optimistic they would be able stabilize after the boost.

The traders in the meantime complained of the high interests they said are another bottleneck to their stability.

“One can’t pay back shs30,000 on every shs 200,000 given to them after one month. The interest is too high for us,” said Rebecca Namayanja, a trader belonging to the Sacco.

“They should also increase on the time in which we repay the borrowed money.

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