a month ago . 1 min Read Museveni said this will help to lower the high-power tariffs, which industrialists have time and again complained about, as one of the impediments to the growth of the industrial sector in the country.
Government is planning to connect electricity to industrial parks direct from dams without going through the Umeme distribution system, President Museveni has said.
Museveni said this will help to lower the high-power tariffs, which industrialists have time and again complained about, as one of the impediments to the growth of the industrial sector in the country.
“The cost of electricity is distorted by Bujagali and Umeme. These two add 55.3% to the cost of electricity in the country. The solution is to supply power directly to industrial parks from our dams without going through the Umeme lines. No one will deflect me from that,” Museveni said during the State of the Nation Address at Kololo Friday afternoon.
Museveni noted that lack of capital, high-interest rates by commercial banks, transport and power were major factors affecting industrialization, adding that the cost of labour is still low.
“Commercial banks are suckers. Their interest rate is so high,” the president pointed out.
The President also noted that government will continue capitalizing on Uganda Development Bank (UDB) to enable Ugandans to secure loans at lower interest rates compared to high-interest rate loans offered by commercial banks.
Museveni said the planned construction of the standard gauge railway line between Kenya and Uganda as well as the ongoing rehabilitation of the meter-gauge railway line will lower the cost of transport.
