The cabinet approved the appointment of eight members to the Board of Uganda Development Corporation(UDC) which will be chaired by Godfrey R. Ruhurira, who replaces Hamu Mugenyi.
Members on the board are Geraldine Ssali Busuulwa, the permanent secretary of the ministry of trade and industry; Francis Ogwang, the country manager of East African Development Bank ((EADB), Dr. Edward Nyatia; Barbara K. Mulwana, the executive board chairman of Uganda Manufacturers Association; Dorothy Masifa Ochela, and Dr. Patrick Birungi, the corporation's executive director.
According to the Minister of ICT and National Guidance Dr. Chris Baryomunsi, the Board will also have a representative from the ministry of finance and economic development. The member wasn't identified in a statement released by the minister.
Uganda Development Corporation (UDC) is an investment institution established as a wholly-owned government entity with the mandate to facilitate the industrial and economic development of Uganda through the establishment of a subsidiary and associated companies, public-private partnerships, research, financing, and management of entities that promote industrial development.
It was established by the UDC Act of 2016.
Its mission is to make long-term investments in strategic sectors of the economy in order to stimulate industrial and economic development and private sector growth.
This mission includes sometimes investing in strategic sectors of the economy that are not attractive to the private sector due to the required high initial investment costs, low returns on investment and long break-even periods.
Some of the companies already invested in include Soroti Fruit Factory, Atiak Sugar Factory, Kigezi Highland Tea Factories, Cement Plant in Moroto, and Sheet Glass Project.
Those are in the pipeline include Luweero Fruit Factory, Lake Katwe Salt Project, Cocoa Factory Project, Kaaro Coffee Factory, Mutuma Commercial Agencies Limited, Paper Manufacturing Project, and
Uganda Development Construction (SMC) Company Limited.