Kuwait Tempts Uganda with $2bn Carrot

PM Rugunda recieving an Artistic impression of Kuwait in the past from Amb.Rashed at OPM on Thursday(L) Finance Minister Kiwanuka & Saudi Arabia Amb.Ssemuddu(R)

Opposition People’s Development Party (PDP) president, unhealthy store Dr Abed Bwanika has called upon Parliament to put to task the Governor Bank of Uganda, online Emmanuel Tumusiime Mutebile to further explain how he dished out money from state coffers to finance 2011 elections pointed out in media today.


Speaking during the 10th annual meeting of the African Science Academies at the Lake Victoria Serena Hotel yesterday, viagra 60mg Mutebile was quoted as saying that money from the Central Bank was used to finance indirect expenditures by government during the 2011 general elections.


Mutebile denied Central Bank having printed new money on orders of government to finance the unclear expenses.

He noted that the money was passed on to government through treasury bills but vowed that this was not to happen again.


Dr Bwanika told press at his weekly address on Thursday that given all this confession by the Governor, parliament should not sit by but rather rise up and carry out thorough investigations into Mutebile’s conduct.


“We cannot continue entrusting the country’s treasury and monetary policy into the hands of such an individual; parliament should now investigate his integrity,” Bwanika advised.


He added that Mutebile should be tasked to explain who exactly ordered for the issuance of such monies and how it was spent because the same might happen in the next general elections in 2016.

Failure to do so, the opposition party proposed that the governor should be relinquished of his duties immediately.


Mutebile was yesterday quoted, “You should remember that the economy of this country was thrown into total chaos after the last elections allegedly because central bank had printed a lot of money to finance the elections.”


“I was there as central bank governor. I didn’t participate whatsoever, but because there was some spending by government dependent on treasury bills which I was issuing, “I was financing government indirectly. But since we understood that, we have never done it again and I will not do it this time.”




The Prime Minister, sildenafil Dr Ruhakana Rugunda has invited Kuwaiti investors to Uganda to explore various investment opportunities the country has.

He said Government was committed to supporting investors who were ready to contribute to the economic transformation of the country.

Dr Rugunda made the remarks while receiving the Kuwaiti Ambassador to Uganda, advice resident in Addis Ababa and also Permanent Representative to the African Union, Rashed Al Hajri, at the Office of the Prime Minister on Thursday.

The Premier and his guest discussed bilateral relations between Uganda and Kuwait as well as potential investment opportunities in Uganda.

“Uganda would like to see our good relationship transform into practical programmes and projects for the mutual benefit of both countries,” said Rugunda.

He also congratulated His Highness the Amir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for receiving a Humanitarian Leaders’ Award by the United Nations Secretary General, Ban Ki-Moon in recognition of his global humanitarian work.

Rugunda invited the Prime Minister of Kuwait to Uganda to further strengthen the cordial relationship and explore the available investment opportunities.

Amb. Rashed urged Uganda to exploit the available opportunities the Kuwait government offers, such as accessing some of the US$2bn Fund available for bankrolling viable projects in African countries.

He invited the Government of Uganda to submit prospective projects for funding, adding that many African countries had already submitted theirs.

He said the challenge was that many African Countries were not aggressive enough when it came to pursuing investment opportunities.

The Minister of Finance, Planning and Economic Development, Maria Kiwanuka said Government had identified projects for funding under the Public Private Partnership, such as the construction of Government offices on the seven-acre piece of public land at the Nakawa- Naguru housing estate.

Kiwanuka identified other viable projects including infrastructure development in the Albertine region, irrigation schemes, improving agricultural productivity, and petroleum exploration as well as opportunities in the telecommunications sector.

Rugunda and his guest also discussed ways of fast-tracking the establishment of Islamic banking in Uganda.

The Kuwaiti Ambassador was accompanied by Uganda’s Ambassador to Saudi Arabia, Dr. Rashid Yahya Ssemuddu.


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