The first branch of Diamond Trust Bank (DTB) has opened at the Kapeeka industrial park, also known as Liao Shen, in the Nakaseke area.
Varghese Thambi, the managing director of DTB Uganda, stated during the inaugural ceremony that the bank would continue to assist Uganda’s import substitution plan.
“We are here to support the economic development of not only this area but Uganda at large. This industrial park not only creates employment but also supports import substitution. This will bridge the gap between imports to Uganda and exports from Uganda to make the build Uganda, build Uganda theme of government a reality,” Thambi said.
He praised the government for making sure that Uganda has affordable labor, stable political conditions, and access to inexpensive raw materials, making it one of the top investment destinations on the African continent.
Hannington Wasswa, director of commercial banking at the Bank of Uganda, praised DTB for using its innovative ideas to invest in the industrial park to help manufacturers.
“I am happy for DBT for embracing technology but also expanding its wings to areas like this industrial park. The bank has strategically positioned itself to provide banking services more conveniently to existing and prospecting customers within this complex and the neighbouring areas,” Wasswa said.
The BoU director of commercial banking acknowledged that the country’s business climate has been badly impacted by geopolitical and economic difficulties, but emphasized that commercial banks are crucial to ensuring that the issue is resolved.
Gen. Salim Saleh, the principal guest at the event and the top coordinator of Operation Wealth Creation, praised DTB for supporting the industrial park in a way that others had failed to.
“Once you have prayers, they will always be answered. I am happy my prayers have been answered and we have a bank here. Even with little knowledge, I have been attempting to see a bank come here. You have joined me in fighting for financial freedom of Ugandans,” Gen Saleh said.
He pointed out that manufacturers can obtain loans from the bank in addition to workers in the industrial park creating accounts.
Gen Saleh pleaded with the bank to fund agricultural processing plants and incubation centers as well.
“Work with government to see how you can connect with them.”