The State House Investors Protection Unit and the National Planning Authority (NPA) convened today to discuss the creation of an Indigenous Patient Capital and Cross-border African Investment Bank.
The meeting, hosted at the State House Investors Protection Unit Offices in Kampala, follows the President’s directive to explore collaboration between NPA, the private sector (TRAVACO), and the financial sector to establish these initiatives, with a focus on engaging interested African countries like Tanzania.
Col. Edith Nakalema, head of the unit, expressed appreciation to NPA, Trans-Africa Value Corridor (TRAVACO) Ltd, and other partners for their efforts in advancing these initiatives.
Acknowledging the President’s support, Col. Nakalema emphasized the commitment to realizing these plans.
Prof. Pamela Mbabazi, Chair of NPA, clarified that indigenous patient capital emphasizes long-term financial investments prioritizing sustainable growth alongside financial returns, citing its potential to support projects like the Standard Gauge Railway.
Highlighting Uganda’s investment opportunities and funding challenges, Prof. Mbabazi underscored the significance of addressing financing gaps through initiatives like indigenous patient capital to strengthen the private sector, crucial for socio-economic transformation.
Mr. Patrick Ayota, Managing Director of the National Social Security Fund (NSSF), emphasized the importance of mobilizing patient capital, citing successful examples from countries like China and Singapore.
While acknowledging the seed capital requirement of USD5 million as manageable, Mr. Ayota stressed the need for stakeholder mobilization to achieve the envisioned goals.
Mr. Tumubweine Twinemanzi, Executive Director of Supervision at the Bank of Uganda, emphasized the importance of trust-building among investors to ensure the success of the initiative, likening it to planting a seed that requires nurturing.
Dr. Beenunula Eyenunula, CEO of TRAVACO, explained the project’s aim to address capital deficits and infrastructure gaps hindering Uganda’s economic development, drawing parallels with Asia’s success in poverty alleviation through indigenous patient capital.
Maj. (Rtd). Gertrude Njuba urged further efforts in asset management to garner government support, emphasizing the transformative potential of such initiatives.
Former Minister Prof. Tarsis Kabwegyere emphasized the importance of securing independent initiatives against neo-colonial interests and suggested benchmarking visits to countries like China for development insights.
Mr. Fred Ruhindi stressed the importance of discipline in achieving the milestone of establishing these initiatives, highlighting Uganda’s capacity to succeed with concerted effort.
The meeting also saw attendance from Dr. Michael Atingi-Ego, Deputy Governor of the Bank of Uganda, Mr. Bageya Waiswa, Permanent Secretary-Ministry of Works and Transport, and Mr. Ron Kawamara, founder of Jumia, among others.