Uganda Development Corporation board invests in fruit industry
The Uganda Development Corporation (UDC), the investment arm of government mandated to promote and facilitate industrial and economic development of the country, has finally got a first Board of Directors since its revival in 2008.
The new board which will be chaired by Hamu Mugenyi, was approved by Uganda’s cabinet on September 29th, 2017.
The nine member board is mandated to steer the corporation by investing in strategic business ventures singly or in partnership with private sector investors both local and international.
Some initiatives that UDC is already involved in are on behalf of government are:
The Teso fruit factory
The $10 million project is being implemented by UDC on behalf the government of Uganda in partnership with the Government of the Republic of South Korea through KOICA.
This investment will see the realisation of a fruit processing factory in Teso region whose abundant fruit has suffered severe post harvest losses due to lack of reliable market. Construction of the factory at the UIA Industrial and Business Park situated at Arapai in Soroti has been completed with all machinery installed. Commissioning of the factory is expected to take place in January 2018.
A fruit processing factory in Luwero
Feasibility studies have been undertaken to establish a fruit processing factory to provide a stable market for the abundant good fruit available in the greater Luwero region. The factory will focus on adding value to pineapples.
Publication date: 10/5/2017
© 2017 FreshPlaza. All rights reserved.