The Ugandan government is banking on investment from the private sector to plug the country’s housing deficit, APA can report on Friday.
Finance Minister Henry Musasizi pointed out that addressing his country’s housing deficit estimated at 2.4 million units requires private investment and financing that households and developers can afford.
He said Mortgage refinancing can help lenders provide longer-term housing finance.
“Construction is central to Uganda’s ambition to build a USD 500 billion economy by 2040. Agro-industrialisation needs processing plants and warehouses. Tourism needs roads and accommodation. Mineral development and technology need serviced sites and reliable utilities,” said Musasizi.
The minister was officiating at the 3rd Annual Doing Business Forum at Mestil Hotel, Kampala under the theme “Unlocking Uganda’s Tenfold Growth Through the Construction Value Chain: Regulatory Reform, Local Capacity and Infrastructure Investment”
“We will work with local governments to improve physical planning, simplify building approvals and uphold construction standards,” he said, adding that developers should know what is required, what it costs and how long a decision will take.
According to him, the finance ministry will support the phased capitalisation of the National Housing and Construction Company and private innovations that lower the cost of building.
Musasizi said the government and industry must help Ugandan contractors to develop the skills, equipment and management capacity to deliver quality work.
The forum brought together Government, Private Sector players, Academia and Development Partners to align policy reforms with the National Development Plan IV and the Tenfold Growth Strategy.
The Minister said construction creates demand for Ugandan steel, cement and other building materials, adding that it also provides work for engineers and architects, as well as masons, welders, plumbers and carpenters. “The more of this work Ugandan firms and workers can do competitively, the more value we retain in the economy,” he said.
Musasizi challenged the Forum to identify the practical changes that will reduce the cost and time of building, help Ugandan firms win and deliver contracts, and attract long-term investment.
WN/as/APA