World Bank Tends To Grow Private Sector Projects

The new development followed the wide gap in the Private Sector where majority players have no access to cheap and long-term financing as financial institutions consider them as high-risk clients. “It is a tool that we hope to deploy in Uganda where the Private Sector will be allowed to get investments that they would ordinarily not able to do. So we are hoping for this tool projects that we couldn’t do before are enabled.” Said, Manuel Moses – Country Manager, IFC. The Private Sector was encouraged to engage the IFC team with their specific cases so as to access this funding. “Every project is unique, we cannot be able to say there is a form that they can fill but it really just says talk to us and we will be able to structure something that helps you do that project that we couldn’t otherwise do.” Said, Manuel Moses – Country Manager, IFC.

The potential beneficiaries of this new development, however, had their reservations. These wanted the World Bank to address some of the main challenges that had been hindering growth in the Private Sector such infrastructure in Agriculture. “There must be a policy at the government level, let there be structures in the country. If I want to reach the grassroots which structures do we use? If for example in the farming sector, in Uganda, we have no agency that is dedicated specifically to Agribusiness.” Said, Edward Katende – Executive Director, UAA. “What is the risk that we are talking about? The absence of infrastructure is the biggest problem. Access to infrastructure like water for production, access to information of markets, how do you transport your produce to the markets.” Said, Charles Ogwanga – President, UG. Farmers Federation. “If there was a possibility of having a brand that can be sailed through the Private Sector to be able to increase especially look at Agriculture; how do we train our people, how do we bring them together because to support these smallholders they must be organized.” Said, Gideon Badagawa – Executive Director, PSFU. “What we need is money for our entrepreneurs here; Crest Foam, Steel, and Tube, Delight, Ntake. These people, give them money, let them create jobs for our people. If Ntake bakery can sell a million loaves of bread a day then you are creating an economy.” Said, Prof. Samuel Sejjaaka – Chairman, UDB.

The total amount that was set aside by the World Bank under the desired IFC private wing to benefit all African developing economies like Uganda is 2.5 billion US Dollars and would be issued out on first come first serve basis but no specific amount was attached to any country.