ENTEBBE — President Yoweri Museveni has met with the management team of AFREXIM (African Export-Import) bank.
The delegation was led by the chairman Intra-African Trade Fair advisory council and former Nigerian President Olusegun Obasanjo, together with AFREXIM president Prof. Benedict Okey Oramah.
Mr. Museveni said both parties said signed a hosting agreement and memorandum of understanding with AFREXIM bank.
By the agreement, he said Uganda will host the AFREXIM East African regional office starting next month.
The bank will support export and import trade through loan facilities to Ugandan businesses, offer credit facilities to government to enable financing of government projects, improve trade literacy through the trade centre which will also be situated in Kampala.
Museveni said the bank will also lead to job creation and expansion of cash liquidity which will be consequential in changing the population structure of Uganda from pre-capitalism.
“Africans need to get out of the pre-capitalism state of living and this bank will be beneficial to those who want to engage in production and processing business, so we can keep our jobs here,” he said.
He added that Africa is four times the size of USA, but the USA has a $19trillion economy while Africa stands at a combined $7trillion.
However, he added Africa continues to donate to USA, Europe and China by producing less and buying more.
“Now a kilogram of unprocessed coffee goes for $1 on the export market. We import this coffee then it is processed and sold back to us at about $15. We also import things like furniture and carpets from China”.
Museveni said that by this, “we donate jobs and money to other countries. Our children are drowning in the seas, trying to go and get the same jobs.”
“I am very happy that AFREXIM bank chose Uganda to host this regional office. We are very committed pan Africanists, it is part of our ideology and when it comes to trade and social economic transformation, we will work very easily with the bank.
“I believe with the presence of the bank in Kampala, it is signal to others that Uganda is open for international business.”