Deputy Speaker of Uganda’s Parliament, Thomas Tayebwa has pledged to push through for the establishment of Diaspora bonds in his country.
He was speaking at the 34th Uganda North America Association Convention (UNAA) in San Francisco, California earlier in September 2022.
Mr. Tayebwa believes that pushing this through will encourage Ugandans in the diaspora to invest in the country’s treasury bonds.
“We want you to contribute to national development through diaspora bonds which have helped governments to get money from their people in the diaspora. Most of you who are fixing money here can use them to buy treasury bonds in Uganda because we borrow from the domestic market, and you will find that your money is giving a return on investment of around 15 per cent per annum which you cannot make here,” he told members of the diaspora at the event.
Adding that Uganda’s Parliament will discuss strategies to increase the country’s presence in the United States as a way of maximizing business opportunities, he also stated that: “East Africa has a market of 400 million people. By 2050, it is anticipated that it will be a market of 854 million people. We are going to be a much bigger market where you produce in Uganda and sell to 800 million people, duty free.”
Reports show that remittance flows to Uganda from abroad stands at US$1.2 billion, with US$100 million coming from the USA.
Mr. Tayebwa also assured that the call by the diaspora to take part in voting at the general elections will be considered when the constitutional review commission is in place soon.
Source: African Business / APO Group
Edited by: Theresa R. Fianko
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