Published on 24/09/2024
The government will invest UGX 4.6 billion in Ndere Cultural Center to help resolve its loan issues through the Ministry of Finance.
This decision was made during a bailout meeting on September 24th at the Office of the Prime Minister.
Key attendees included Minister of East African Affairs Rebecca Kadaga, Finance Minister Matia Kasaija and Government Chief Whip Hamson Obua. The investment aims to stabilize the center and preserve its cultural significance.
Martin Ssempa, Makerere Community Community Pastor who initiated the bail out meeting has been at the forefront to save Ndere Cultural Center from the loan crisis.
Mr Stephen Rwangyezi, Ndere Center founder acquired a loan which had accrued to UGX 10.8 billion due to the COVID-19 lockdown of businesses and interest related charges from Uganda Development Bank (UDB).
Pastor Ssempa revealed that the bail out process will take three months by the end of December and several activities are lined up such as valuation of land, property and injecting the government stake.
He revealed that the President Museveni gave a phone call to Mr Rwangyezi on Sunday and promised government’s support for the bail out of the cultural center.
