Gov’t bails out Ndere Center

Uganda government has started on process to buy shares worth 4.6 billion from Ndere cultural center a move aimed at bailing out the cultural business facility from its loan troubles.

The details on acquisition of shares are based on a bail out meeting held on 24th Tuesday September at the office of the prime minister.

The meeting initiated by Pastor Martin Ssempa, the senior pastor of Makerere Community Church was attended by Government Ministers including Minister of East African affairs Rebecca Kadaga, finance Minister Matia Kasaija and Hamson Obua, the government chief whip.

Speaking to journalists on Wednesday 25th September, Minister for ICT and National Guidance, Dr. Chris Baryomunsi, said that President has already directed the Ministry of Finance to start the process of saving Ndere Cultural Centre.

According to him, the government has accepted to come in and rescue Ndere Centre.

‘’The president has instructed the Ministry of Finance to work out mechanisms on how Ndere Centre can be supported,” he said.

In 2019 Ndere Troupe Limited sought to diversify and expand its business and acquired UGX 6.8 billion loan from Uganda Development Bank (UDB).

The center serves as a hub for the preservation and promotion of Uganda’s rich cultural heritage.

Recently, Ndere proprietor, Stephen Rwangyezi argued that he was affected by the COVID pandemic and its effects like the lock downs and requested for the bailout.