President Museveni has revealed a special fund is to be set up in the Uganda Development Bank to accelerate industrialisation in the country amid the coronavirus outbreak.
In his address to the nation last night, Museveni said the fund will be facilitated by the support of the World Bank and International Monetary Fund, IMF.
This comes at a time major sectors of the economy are suffering due to the global pandemic.
Museveni says, now is the time for Uganda and Africa at large to stop depending on imports from outside the continent.
He adds that this fund will promote the development of the economy through import substitution and export promotion where foreign imports shall be replaced by domestic production.
The president has since directed factories to provide camping sites for their employees so that they do not go home during the 14 days failure of which they will have to stop production.