MBARARA – Chris Baryomunsi, state minister for housing has on Thursday 27 said that the government is looking forward to continuing to support organisations like National Social Security Fund (NSSF) and individuals that are improving the lives and standards of the people of Uganda.
Mr. Baryomunsi, who represented Prime Minister Rt. Hon Dr. Ruhakana Rugunda was speaking at the function of unveiling NSSF’s Mbarara City Complex House.
”I have heard today from the Managing Director that our NSSF is the largest Fund in East Africa with an asset base of over 11 Trillion shillings. It is also gratifying to hear that most of this money is invested within the Ugandan economy, significantly contributing to the country’s socio-economic development,” said the minister.
The minister thanked NSSF for paying its clients a fair interest rate.
“I was elated to hear that your members, were paid an interest of 15% the last financial year, this is very good for the savers and with more investment and frugality, I’m sure you can better this,” he said adding that “I hereby declare the Mbarara Complex officially open.”
Speaking on the function, NSSF Managing Director, Mr. Richard Byarugaba welcomed the guests to the event.
He said, “In a bid to preserve Members savings, we invest this money in three asset classes; Fixed Income (government bonds and treasury bills) 79%, Equities 14%and Real Estate 7%.”
Mr. Byarugaba urged the members to keep focused if they want such facilities to continue.
“Today’s event is, therefore, a milestone for the Fund, because it is another step towards the realization of our Real Estate strategy, focused on creating value for our members through the construction of commercial buildings and housing estates in major towns of Uganda,” he said.
He added that “We are not only changing the skylines of these cities, but we are also providing modern commercial space fitted with modern amenities at affordable prices.”
Representing the Board of Directors Mr Patrick Byabakama Kaberenge, Mr. Fred Bamwesigye, the group Chairman thanked the board fraternity for their commitment toward the construction of such facility.
”The completion of NSSF Mbarara City House reiterates the board’s commitment to ensure we conclude all these projects in order to enable the Fund deliver a better return to its 2 million members,” he said.
He, however, asked them (board members) not to tire for they still want to construct more two in Arua and Mbale districts.
“Real estate, therefore, continues to be a key avenue for investment and the Fund will continue to invest across major cities, our plan is to have two other commercial buildings in Arua and Mbale districts in the near future,” said Mr. Bamwesigye.
“Over the next few years, we will bring onto the market houses that will cater for all categories of our members and Ugandans in general. These include the Off Taker project, which is a set of affordable housing units that will cater for the low-income earners. For the high and middle-income earners, we have the Mbuya SoHo Apartments and Lubowa Housing Estate that caters for the high-income savers,” he said.