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Lower Interest Rate on Loans to Commercialize Agriculture – H.E. Sam Kutesa

Tuesday, 21st July 2015
H.E. Sam Kutesa, President of the UN General Assembly and Dr. Carlos Lopes the Keynote Speaker at the opening of the Dialogue
The President of UN General Assembly H.E. Sam Kutesa has advised that Uganda should make loans affordable for the private sector to invest in agriculture as a means of financing SDGs. Hon Kutesa was addressing a high level Dialogue on Financing Sustainable Development Goals in Uganda in the conference hall at the Office of the Prime Minister.

He said that all SDGs present business opportunities and therefore involvement of the private sector is very important. He said the private sector has the money and therefore it is the biggest source for financing for development.

Hon Kutesa underscored the need for expanding the tax base as a way of financing our SDGs rather than depending on Overseas Development Assistance (ODA). He said that there is need for global partnership in trade. Hon. Kutesa further said that Uganda needs to revamp tourism in order to harness what he called "low hanging fruits".

The keynote speaker Dr. Carlos Lopez who is the Executive Secretary, United Nations Economic Commission for Africa (UNECA), said that there is need to reduce cost on remittances transfer to about 3% by 2030. He also said that diversifying Foreign Direct Investment is key because there is need to create more jobs. He underscored the need for mobilization of domestic revenue for financing for development rather than depending on ODA.

The dialogue comes following the Third International Conference on Financing for Development (FfD) which took place on 13-16 July 2015 in Addis Ababa. It was attended by government ministers, MPs, members of the diplomatic corps, civil society as well as the private sector.

Source: Ministry of Foreign Affairs