By Kampala Post Reporter
President Yoweri Museveni has urged commercial banks in the country to support production in order to modernize the economy.
The President was speaking during a meeting with the Chief Executive Officer of Standard Chartered Bank in Uganda, Mr. Albert Saltson, who paid him a courtesy call on Wednesday at State House, Entebbe. He said that commercial banks should not only focus on lending traders who are dealing in consumption but in production.
"The commercial banks finance those importing yet those imports can be made here," he noted.
President Museveni said that commercial banks should help the 68% of the homesteads in Uganda that are still engaged in subsistence farming to move towards modernized commercial agriculture.
"If the 68% that are outside the money economy can modernize and produce, there is a huge potential and there will be more money in the banks," he said.
Mr. Saltson said that Standard Chartered Bank is committed to financing infrastructure development in Uganda.
Standard Chartered Bank Uganda Limited is the oldest bank in Uganda having opened doors in August 1912. It had 11 branches up to 1972 and retained only one branch during the turbulence of the 70s.
In November 1999, it acquired 4 branches of former Cooperative Bank.
The bank today has a network of 11 branches in Kampala, Jinja, Mbale, Mbarara and Gulu.
It has 29 ATMs and over 600 staff.