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Uganda: Country to Benefit From Sh17 Trillion Fund
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New Vision (Kampala)
6 May 2008
Posted to the web 7 May 2008
Barbara Among
Kampala
UGANDA will benefit from a $10b (sh17 trillion) fund earmarked by the Organisation of the Islamic Conference (OIC) for Sub-Saharan Africa.
Announcing the upcoming foreign affairs ministers' meeting yesterday, Isaac Musumba, the Ugandan foreign affairs state minister, said the conference would discuss how the money would be used.
However, it is not yet known how much Uganda will be allocated. According to Musumba, the fund is meant to boost food production and infrastructural development in Africa by promoting commercial agriculture.
Uganda has been a member of the OIC since 1974 and it is the only East Africa Community member state that subscribes to the bloc.
Commenting of the meeting, Musumba said: "The conference brings an opportunity for development and poverty alleviation.
A total of 57 OIC foreign affairs ministers are expected to attend the three-day meeting to be held from June 18 to 20.
In a related development, the Islamic Business Forum will also be conducted simultaneously with the conference, Musumba added.
"We believe that this meeting will lay a foundation for Uganda as an investment destination for OIC countries."
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The forum, whose theme is: 'Discover the resource and high potential of the African market', will attract giant business councils, including the Arab Business Council.
"The chairman of the Arab Business Council, Shiek Swale Kamile, will attend. He is one of the richest men in Saudi Arabia."
During the conference, Uganda will showcase investment potential in East Africa.
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