The government of Uganda has pledged to support the Private Sector Foundation Uganda (PSFU) with USD 50 million in the next financial year 2023/2024.

While addressing guests at the first annual private sector gala dinner at  Serena hotel on December 7, 2023, the State Minister of Finance for Investment and Privatisation, Evelyne Anite, who was representing Finance Minister Matia Kasaija, said that the government of Uganda is committed to supporting the private sector.

“The minister of finance has sent me and has promised that in the next financial year, PSFU will get USD 50 million from the government of Uganda because we know you are the backbone of Uganda’s economy,” Anite said.

The minister assured the private sectors of better transport means as government plans to construct a standard gauge railway to facilitate the transfer of commodities from one to another and connect traders to market places.

“As manufacturers and producers, we are aware of the high cost of transport incurred; that’s why I want to give you assurance that the government is in the process of constructing the standard gauge railway, and this will greatly reduce our transport costs,” Anite added.

“Working together, we shall connect you to the 1.4 billion people in the African Continental Free Trade Area(ACFTA), and this will connect you to great markets, Anite noted.

The chairman of the Board of Directors PSFU,  Humphrey Nzeyi, appreciated the government’s continuous support and promised to bring more partners on board.

“We thank the government of Uganda for their continuous support and for trusting in PSFU to take the lead in coordinating the biggest sector of Uganda’s economy,” Nzeyi said.

He added that Uganda has the world’s youngest population and faces the annual challenge of creating jobs for more than 700,000 young people that enter the job market every year.

“In 2023 alone, we were able to create 76,000 jobs for young people, and of these, 63% were for young women,” Nzeeyi said.

“I can also report that our partnership with the MasterCard Foundation, through the Lead Firm Structure, has been able to create, cumulatively, more than 416,000, both directly and indirectly, over the last two years,” Nzeeyi added.

Additionally, he said that their partnership with the World Bank and the Government of Uganda, through the Competitiveness and Enterprise Development Project, has been able to create, cumulatively, an additional 46,000 jobs over the last five years in the tourism sector.

The Gala was meant to recognise individuals, business associations, community groups, cooperatives, private companies, and government agencies that have significantly contributed to the growth and development of the private sector in Uganda.

PSFU is Uganda’s apex body for the private sector and is made up of over 300 business associations, corporate bodies, and the major public sector agencies that support private sector growth, with a diverse membership of over 3.5 million business enterprises in Uganda.