Africa-Press – Uganda. An International Finance Corporation (IFC) chief Thursday said Uganda must address gaps in the middle class to develop the country’s private sector.
“Uganda’s private sector is composed of few big firms and yet there are very many small ones. This makes the private sector in Uganda weak. The middle class of the private sector is missing and needs to be developed,” said Ms Amena Arif, the IFC country manager in about six sub-Saharan states including Uganda.
Although Uganda embarked on privatization and liberalization policies in 1993, the private sector has remained weak and less competitive in the East African bloc.
“The private sector is an indispensable force for sustainable development as it sparks innovation, improves productivity and economic efficiency, and creates the jobs and growth needed to end extreme poverty and boost shared prosperity,” Ms Arif told this reporter in an interview at the Kampala Serena Hotel.
Ms Amena said there is urgent need to develop the private sector and both the government and the donors have a role to play in achieving that.
Asked how IFC can support Uganda’s private sector, Ms Amena said “the establishment supports private sector development through investment and advisory services to create the opportunity for people to escape poverty and improve their lives.”
According to her, the IFC is vastly ready to back Uganda’s private sector growth.
“The IFC investment and advisory service operations in Uganda aim at mobilizing, financing and extending knowledge-based services to stimulate private investment growth and improve the environment for businesses to thrive, create jobs, and come up with more innovations,” Ms Arif noted.
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