Government is set to inject UGX 4.6 billion as shares in Ndere Cultural Center – a move aimed at bailing out the cultural center from its loan troubles through the Ministry of Finance.
The details on acquisition of shares are based on a bail out meeting held on Tuesday 24th at the Office of the Prime Minister, and attended by senior government ministers including Minister of East African Affairs Rebecca Kadaga, Finance Minister Matia Kasaija and Hamson Obua, the Government Chief Whip.
Martin Ssempa, the Makerere Community Community Pastor who initiated the bail out meeting has been at the forefront to save Ndere Cultural Center from the loan crisis.
Mr Stephen Rwangyezi, the Ndere Center founder acquired a loan which had accrued to UGX 10.8 billion due to the COVID-19 lockdown of businesses and interest related charges from Uganda Development Bank (UDB).
Uganda Unveils Forestry Compensation Strategy to Tackle Energy Sector EmissionsPastor Ssempa revealed that the bail out process will take three months by the end of December and several activities are lined up such as valuation of land, property and injecting the government stake.
He revealed that the President Museveni gave a phone call to Mr Rwangyezi on Sunday and promised government’s support for the bail out of the cultural center.
This is a developing story…