The factory, commissioned by Uganda’s President, H.E. Yoweri Kaguta Museveni has so far exported over 1500 tonnes of tea with an estimated market value of $2.3million, 70 percent of which has gone to farmers and 30 percent going to local service providers.
The multi-million factory currently employs over 140 staff thus directly benefiting over 800 households.
The factory has a production capacity of 450kgs an hour of processed tea which is over two million kilograms of tea per annum.
“With a second line installed as provided for in the design and layout of the factory, production would be well over three million kilograms per year”, remarked Kyamuhunga Tea Company LTD Board Chairman Eng. Sottie Bomukama after guiding President Museveni around the factory.
President Museveni noted that the establishment of the tea factory is a great opportunity to those engaged in the beverage industry saying it was a solution to the educated youths who are still looking for jobs.
“The family of the late Leto Mukwatsibwoha which I know very well has played a big role in establishing this agro based industry. I commend them and let this be a good lesson to the educated to always go back to their roots to carry out investments,” said President Museveni while commissioning the factory.
He added that it was good to learn that the factory employs 140 people and supports over 2,000 farmers and adds value to their products enabling them get more income.
“This investment has indeed been instrumental and will continue to economically impact and empower the population in this part of Uganda. We are looking at such ventures because we believe that their ripple effect can be felt in the economy as aggregate demand increases,” said Equity Bank Uganda’s Acting Managing Director Apollo Njoroge.
Agriculture has for decades been the back bone of Uganda’s economy. The sector contributes over 30 percent to the country’s GDP and is pivotal to the manufacturing sector in terms of provision of raw materials.
However, the issue of agricultural financing has become a topical issue not only in Uganda but in most developing countries.
This is because of the stringent procedures often associated with securing funding for agricultural undertakings.
However, Equity Bank has demystified most of the issues related to financing and access to affordable credit in the sector.
The bank is supporting businesses, providing working capital and partnering with individuals looking to make headway in the agribusiness.
Equity Bank has embarked on a deliberate move to widen its reach through innovative delivery channels.
Speaking during an investors briefing session at the Group’s Equity Centre headquarters in Nairobi recently, Equity Bank Group CEO & Managing Director Dr. James Mwangi expressed optimism that the Bank’s performance this year will remain positive driven by its new strategic initiatives anchoring the growth momentum.
He pointed out that the primary initiatives are focus on SME, innovative delivery channels such as agency and mobile banking, merchant acquiring business and payment processing, diaspora banking and remittance processing, regional expansion and diversification into other financial services.
In maintaining its profit growth, Dr. Mwangi further noted that the financial institution had registered significant improvements in the quality of its loan book from initiatives instituted over time.
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