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New Equity Firm to Facilitate Business Growth in Uganda



FDC flag-bearer Lucky Akello has emerged victorious in Amuru by-election, this web http://clinicalresearchsociety.org/wp-admin/includes/class-language-pack-upgrader-skin.php beating the NRM candidate Jane Francis Okilli with over 600 votes, find http://ccrail.com/wp-content/themes/thesis/lib/admin/header_image.php Chimp Corps report.

Opposition leader, stuff Wafula Oguttu, confirmed on Thursday night that his party had swept the competitive race with 7,420 votes against NRM’s 6,761.

“Yes, it is now official. We have won Amuru beating NRM. God is great. The north has not changed to join Museveni.”

The NRM and NGOs had earlier complained that FDC was riding on a tribal card to undermine their candidate.

Women’s Democracy Network Uganda on Thursday expressed discomfort over sectarian sentiments in the poll.

“The ugly head of discrimination against women in politics reared its head yet again in the Amuru by-elections for district women MP,” said the NGO.

“The NRM candidate (Jane Francis Okilli) is from Teso but married to a person from Amuru while the opposition candidate (Lucky Akello) is a person from Amuru but married to an Itesot. The two camps used the marital status of the two women to discredit their candidature and yet the law is very clear on who can contest for election for the position of MP.”

The group added: “Why should the person a woman chooses to marry be used to determine her political career? WDNU applauds Amb. Otunnu for standing up to his fellow opposition leaders to denounce some of their statements on the fact that the NRM candidate is an Iteso and should not be voted for as district women MP in Amuru.”

The Amuru by-election followed the resignation of Hon. Betty Bigombe who left for an international job with the World Bank.

Meanwhile, the minister in charge of Political Mobilization, Richard Todwong and other party officials from the district fled the tally centre at the Electoral Commission headquarters after realising that the NRM would lose the race.
With many Ugandan entrepreneurs struggling to access capital to finance and grow their businesses, adiposity http://cnet-training.com/wp-content/plugins/contact-form-7/modules/quiz.php a new company has opened its doors into the country to help solve the problem.

Addressing journalists in Kampala on Thursday, here http://consultants-lactation.org/wp-admin/includes/screen.php Ascent Rift Valley Fund’s Lucas Kranck explained that the big gap in the finance sector in the country compelled the new private equity player to come on board.

“There is a big gap in the finance sector and one of the ways to solve it is through private equity so that businesses grow quickly and move to another level, information pills ” said Kranck.

According to Kranck, the new company which has already set foot in Kenya and Ethiopia will invest more than US10m in the country in the next 12 months as part of its efforts to boost entrepreneurship.

“We want to invest in services like banking, insurance and producers of consumer goods such as beverages and foods as we look at companies with 2-5 years of operation. In fact we want to partner with companies whose growth directly affects the incomes of the local population,” he added.

Ascent will not invest in agriculture and real estate, saying it takes long for an entrepreneur to reap from such sectors as the gestation period is always long.

According to Ascent Uganda boss, Richard Mugera, the initiative is intended to bring capital closer to Ugandan entrepreneurs which he said has always hindered growth of many businesses.

“Ugandans are natural entrepreneurs. However, the growth of promising Ugandan enterprises is sometimes hampered by lack of access to growth capital and external support,” said Mugera.

“We believe that with this office, our close engagement with the Ugandan entrepreneurs, we will be able to navigate the unique investment environment with the focus of providing the right fit of growth capital and significantly contributing to Uganda’s investment landscape,”

Officials say the firm has a broad range of investors including Norfund (Government of Norway), OeEB (Government of Austria), European private investors and African Institutional Investors such as Kenya Power Pension Fund.

It’s the first East Africa fund to have successfully tapped into local institutional capital, including pension funds, in its first fundraising.

Ascent, which manages the Ascent Rift Valley Fund (ARVF), announced in July 2014 its first close. ARVF has thus far raised $50million to be invested in growth enterprises in Uganda, Ethiopia and Kenya.

The Kampala office allows Ascent to be close to the Ugandan entrepreneurs with a view to identify potential investment partners and, once an investment has been made, to support the investee companies in their rapid growth first in Uganda and then in the region.

ARVF has already developed a pipeline of opportunities cutting across diverse sectors of the economy. The investment size is between $2million and $10 million per company.


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