Museveni, Obasanjo Witness Signing Of MoU By Uganda And Afri-Exim Bank

Museveni, Obasanjo Witness Signing Of MoU By Uganda And Afri-Exim Bank

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By Spy Uganda

Kampala: Former Nigeria President Olusegun Obasanjo has hailed Uganda’s President Yoweri Museveni for his initiative in creating harmony across Africa.

Obasanjo on a courtesy visit to Museveni made remarks during a meeting at State House Entebbe on Friday evening.

He also commended Uganda for releasing up to 32 Rwandans who were in Ugandan prisons and thanked Uganda on how it has silently tried to resolve the misunderstands.

The two; Museveni and Obasanjo further witnessed the signing of a memorandum of understanding (MoU), between the government of Uganda and the Africa Export-Import (Afri-Exim) Bank which included the signing of an agreement to host the Afri-Exim Branch in the country.

The agreement to host the Afri-Exim branch in Uganda was initialed by regional affairs state minister, Philemon Mateke and Oramah.

Africa Export-Import (Afri-Exim) Bank, which has branches in West and Southern Africa regions, is now set to open a branch in Kampala to cater for the East African region.

Speaking at the ceremony, President Museveni according to a release from State House, expressed happiness that with the establishment of Afri-Exim Bank in the country, two deficits that impinge Africa – value addition and trade finance – will be addressed.

“Africa is slowly waking up. I am very happy that you chose Uganda because we are committed Pan-Africanists. When it comes to trade and social transformation that is our ideology. We shall work very easily with them,” he said.

He thanked the bank for funding the construction of Lubowa specialised hospital and noting that the entity, when completed, will help the country save money that Ugandans have been using to seek for specialized treatment abroad in countries such as India.

Afreximbank President Prof. Benedict Oramah (left) in handshake with President Yoweri Museveni of Uganda, as former Nigerian President Olusegun Obasanjo looks on, following the signing of the East Africa Branch agreements in Kampala

He added that he looked forward to working with the proprietors of the bank in the sector of coffee processing.

Former Nigeria President, Olusegun Obasanjo, thanked the government for having accepted to host the regional branch of the bank. He said the establishment of the regional branch of Afri-Exim was part of the five-year development plan of the bank.

He assured President Museveni that coffee processing would be one of the first priorities that the bank would invest in.

Kasaija said the setting up of Afri-Exim Bank in Uganda would go a long way to support export and import trade through loans, the establishment of credit facilities, job creation and expansion base of cash liquidity.

Kasaija with Afri-Exim Bank President

Oramah revealed that the bank will open business in October this year and launch its activities in November.  He reiterated that Uganda had been chosen to host the regional branch because the country fully appreciated the importance of hosting a strategic Pan-African investment.

“I thank you for your vision in knowing that these things that look simple have profound importance.  I believe the Kampala Office will foster strong relationships between Uganda and the private sector in financial investment,” he said.

Attorney General William Byaruhanga, Bank of Uganda Governor Emmanuel Tumusiime Mutebile, URA commissioner general Doris Akol and Afri-Exim Bank board of directors, attended the ceremony.

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