UDB speaks out on Anite demand to disband management

BY TONNY ABET

The management of Uganda Development Bank (UDB) has denied allegations from the State Minister for investment and privatization, Evelyn Anite, that they are hampering national development by denying local investors government funds.

Anite last week asked President Museveni to disband the current management of Uganda Development Bank, saying they were withholding government funds meant for local investors.

Speaking at the launch of Ugandan-owned and country’s first medical gloves manufacturing factory at Namanve in Wakiso, Anite, accused UDB of fixing the money in other commercial banks “to get quick return and profit.

But in her official response to an inquiry by Daily Monitor, the bank’s Managing Director Patricia Ojangole, says they have a strong reputation in supporting local investors and business owners for a strong economy.

She adds that the Bank guarantees that all its decisions and actions are merit-based, serve the public interest and are in strict adherence to the principles of good governance and applicable laws and regulations.

Written by Noelyn Nassuuna