Government wants to borrow $84 million to spark innovation

May 30, 2018 in Finance, Infrastructure, Investment, Policy, Technology & Telecoms by Editor

May 30, 2018—The government through the ICT ministry, wants to borrow $84.73 million from China Eximbank to finance the National Science, Technology, Engineering and Innovation Skills Enhancement Project.

According to ICT minister, Frank Tumwebaze, the money will be used to set up technology, innovation and business incubation facilities including work spaces and common user facilities for scientists and innovators to develop their business models.

“The money is required to establish the National Science Technology and Engineering Skills Enhancement Centre (NSTESEC) and the Technology Innovation and Business Incubation Centre (TIBIC). This will help us to promote local content, create employment and general wealth especially among the youth,” he told a weekly news conference on Wednesday.

Cabinet had already approved the loan request before submission to parliament, but Tumwebaze said the money is needed to improve innovation among Ugandans and encourage self-employment. Like many other African countries, Uganda is faced with the ticking bomb of youth unemployment and under-employment together with one of the fastest population growth rates in the world.

Two years ago, the government established a Ministry of Science, Technology and Innovation (MOSTI) after recognising that science, technology and innovation (STI) are the drivers of socio-economic growth and transformation the world over.

The Ministry has the basic job of creating an enabling policy environment for STI and national development as articulated in the National Science, Technology and Innovation (2009) Policy, the National Development Plan (NDP II: 2016/17 – 2019/20) and the Vision 2040.