Uganda Investments Authority (UIA) Executive director Jolly Kaguhangire has said they are currently looking for Shs 41 billion to funds to fund this year’s budget due to underfunding from government.
“We are currently running under a deficit of over 41 billion shillings. We are currently thinking of getting a loan from the development banks and other partners to finance our budget because if we are underfunded by government, then we are unable to do our job correctly.”
The UIA director noted that the money is needed to finance employees, do media promotions for Uganda and also build and renovate industrial parks in Uganda.
“We need Shs13 billion to improve the salaries of our employees because they do a great job, Shs 10 billion will be invested in promotions to market our economy and the Shs18 million will be invested in industrial parks all over Uganda,” Kaguhangire explained.
UIA had requested for Shs50 billion shillings for this year’s budget, but were only given Shs8.9 billion, leaving a deficit of over Shs40 billion.
Kaguhangire was Tuesday speaking at the 3month Review Conference, which took place at the UIA Head Offices in Kampala.
The conference was intended to review the first 100 days of the new executive director by highlighting her achievements, challenges and news plans.
At the same conference, the Lawrence Byensi, the UIA Director of Investment Facilitation said they were planning to employ more 95 workers to add on the 55 that they are currently having.
The authority will also sign Memorandum of Understanding with international media houses as well as some local magazines that will promote the country all over the world.
In addition, the authority will improve their social media presence on platforms like Twitter, Facebook and the rest.
UIA has also hired a number of young researchers to help in tracking down investors to determine their impact on the ground and how many jobs they have created for Ugandans.