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Tag Archives: UDC

Atiak Sugar not happy with UDC

Amuru, Uganda | THE INDEPENDENT | Horyal Investments Holding Co Ltd, the majority shareholder in the Atiak Sugar factory has criticized the Uganda Development Corporation (UDC) over its limited participation in the management of the joint venture. In 2018, the government through UDC invested $5.5 million in exchange for a …

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UGX 800M budget shortfall impeded UDC’s valuation of Roko

Kampala, Uganda | THE INDEPENDENT | Members of Parliament on the Finance committee have learned that Uganda Development Corporation-UDC’s move to carry out a valuation of Roko Construction Limited was unsuccessful after failing to access an 800 million Shillings budget from the Ministry of Finance. Patrick Birungi, the UDC Executive Director …

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UDC protests parliament’s report on mismanagement of Soroti fruit factory

Kampala, Uganda | THE INDEPENDENT | The Uganda Development Corporation-UDC, an agency of the government that promotes industrial development has protested accusations of mismanagement of Soroti fruit factory. The protest follows a report on 2nd March 2022 by the Parliamentary Committee on Tourism, Trade and Industries implicating the entity of mismanagement, …

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Parliament orders forensic audit on Soroti fruit factory, UDC

Kampala, Uganda | THE INDEPENDENT | Parliament during plenary on Wednesday, 09 March 2022 unanimously ordered for a forensic audit of the government-owned Soroti Fruit Factory and suspension of its Chief Executive Officer. The audit, to be completed within four weeks, will also cover the Uganda Development Corporation (UDC), the supervisor of …

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MPs demand comprehensive forensic audit of Soroti fruit factory

Kampala, Uganda | THE INDEPENDENT | Parliament’s Committee on Tourism, Trade and Industry has recommended a forensic audit of the services and supplies, management and financial transactions of Soroti Fruit Factory Limited. In August 2012, government represented by Uganda Development Corporation-UDC together with Korea International Cooperation Agency-KOICA entered into a memorandum …

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Budget committee queries UDC’s capitalization of private companies

Kampala, Uganda | THE INDEPENDENT | Members of the Budget Committee have asked the Committee of Tourism, Trade and Industry to examine the viability of investing Shs269 billion in several private enterprises through the Uganda Development Corporation (UDC). The trade committee chairperson, Mwine Mpaka, on Thursday 20 January 2022 presented his committee …

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CSBAG calls for UGX100Bn recapitalization of UDC

Kampala, Uganda | THE INDEPENDENT | The Civil Society Budget Advocacy Group (CSBAG) has proposed a provision of 100 Billion Shillings to capitalize the Uganda Development Corporation (UDC). UDC is an investment institution established as a government entity with the mandate to facilitate the industrial and economic development of Uganda. CSBAG …

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MPs reject UGX108Bn additional funding to Atiak sugar factory

Kampala, Uganda | THE INDEPENDENT | The Budget Committee has rejected a consideration of a supplementary budget request worth 108 billion shillings as additional funding to Atiak sugar factory in Amuru district. The MPs say government has heavily invested in the company and yet the shares remain stagnant. They say that until …

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Parliament stops UGX3Bn stimulus package to Kampala Serena Hotel

Kampala, Uganda | THE INDEPENDENT | The Trade Committee of Parliament has stopped the payment of a stimulus package of 3 billion Shillings to Serena Hotel by Uganda Development Corporation (UDC). Kampala Serena Hotel is owned by a consortium that includes Tourism Promotion Services (TPS), a division of the Aga Khan …

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Government to construct multi-billion sugar factory in Busoga

Luuka, Uganda | THE INDEPENDENT | The government of Uganda has finalized plans to construct a 135 billion Shillings sugar processing factory in Luuka district. Uganda Development Cooperation-UDC will supervise the implementation of the construction works through direct financing from the Ministry of Finance. The plant whose construction works are expected …

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