Management at the Uganda Development Bank (UDB) has dismissed with contempt allegations raised by Minister for investment and privatization, Evelyn Anite, that that the bank is blocking local investors access to government funds.
The minister last week told president Museveni that UDB are withholding government funds meant for local investors asking him to disband the management.
Museveni was at the launch of Ugandan-owned medical gloves manufacturing factory at Namanve in Wakiso.
Speaking at the launch, Anite accused UDB of fixing the money in other commercial banks “to get quick return and profit.
UDB Managing Director, Patricia Ojangole, however says they have a strong reputation in supporting local investors and business owners for a strong economy.
Ojangole said that UDB 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.
She dismissed Anite’s statement as baseless allegations.
