Grapevine

Government to rescue Ndere Cultural Centre from Shs10 billion debt

Government is in the process of bailing out Ndere Troupe Ltd from the Shs10.5 billion debt that almost resulted in its auctioning.

ICT and National Guidance Minister, Dr Chris Baryomunsi told reporters in Kampala on Wednesday September 25 that the President has directed the Ministry of Finance to start the process of saving Ndere Cultural Centre.

“The government has agreed to come in and rescue Ndere Centre. The president has instructed the Ministry of Finance to work out mechanisms on how Ndere Centre can be supported,” Dr Baryomunsi.

The rescue came a few weeks after the proprietor of Ndere Troupe Ltd, Mr Stephen Rwangyezi cried out to President Museveni and other stakeholders and individuals to come to his rescue after the Uganda Development Bank (UDB) threatened to auction the troupe’s prime assets across the country.