EXim Bank Deputy Chief Executive Officer Anthony Mariiro
By Johannah Nantongo
KAMPALA — Exim Bank Uganda has supported the expansion of Yangtze Industry Ltd into manufacturing following the commissioning of the company’s new glue production facility at the Sino-Uganda Mbale Industrial Park.
The new plant was officially opened by the Minister of State for Local Government, Hon. Balaam Barugahara, during a ceremony that brought together government officials, business executives, industrial park representatives and other private-sector stakeholders.
Speaking at the event, Barugahara welcomed the investment, saying increased local production and the creation of employment opportunities are important to Uganda’s industrialisation agenda.
The minister also acknowledged the role played by Exim Bank Uganda in financing the project, noting that cooperation between financial institutions and private businesses can help enterprises expand their productive capacity and contribute to economic development.
He said government remains committed to improving the environment in which businesses operate, while emphasising the importance of private investment and access to suitable financing in supporting industrial growth.
Exim Bank Uganda was represented at the commissioning by Deputy Chief Executive Officer Anthony Mariiro, Head of Business Banking Francis K. Mulero and Relationship Manager Proscovia Mwanje Nabulya.
The bank’s involvement in the project forms part of its approach of working with businesses over the long term by providing financial solutions to support investment, working capital requirements and trade-related activities as companies expand.
The establishment of the glue manufacturing facility at the Mbale industrial park adds to efforts to increase domestic manufacturing capacity and provide locally produced goods for the Ugandan and wider regional markets.
Following the commissioning ceremony, guests toured the newly established production facility before participating in a networking session involving business leaders, trade partners and other stakeholders.
The event provided an opportunity for the participating businesses and institutions to discuss opportunities for further cooperation as Uganda continues to promote industrial investment and private-sector-led growth.