The Speaker of Parliament, Rebecca Kadanga has attributed the failure by Jinja town to develop on the Ministry of Finance’s failure to appropriately handle issues of the custodian board.
The Speaker said she has been talking to the Finance Minister to present a bill on the issues of the departed Asian custodian board in Jinja so that government can finally settle issues of unclaimed properties and redevelop them.
“Jinja is looking like this because the Ministry of Finance has failed to handle the bills of the custodian boards,” she said.
Kadaga was speaking at the commissioning of the National Social Security Fund (NSSF) new Shs3.2b ultra-modern commercial building in Jinja on Wednesday 28th of June.
She thanked NSSF for putting up such a big investment/ infrastructure in Jinja and contributing to its infrastructure development.
The NSSF new building named the Jinja City House is a three storied mixed- use development with commercial facilities, office space and retail shops.
The building has a built up space of 1500 square meters with rentable space of about 1,200 square meters and is located at the heart of Jinja city on Lubas Road.
The NSSF Executive Director, Richard Byarugaba said the completed project was one of the many real estate projects that the fund is investing in.
“We mainly invest in three asset classes. Fixed income, equities and 6% in real estate. Today’s event is a milestone for the fund because it is another step towards realizing our real estate strategy focused on creating value for our members through constructing commercial buildings and housing estates in major towns in Uganda,” Byarugaba said.
He further committed to a strong partnership with government by the fund to ensure social security inclusion for all Ugandans in the private sector and provide the much needed financing for infrastructure development through financing infrastructure bonds.
Currently, the fund is undertaking more three real estate projects including 56 high end units in the Mbuya 1 and 2 projectes that will be completed in the next two months, the ongoing $400m Lubowa housing project and the Mbarara Mixed development project.
Once completed, these projects are expected to improve on the returns given to the funds members.