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President Museveni Thursday afternoon vowed to act against what he described as ‘exploitative money lenders’, accusing them of being an impediment to modernizing Uganda’s economy.

“The government insists we borrow from Uganda Development Bank, Emyooga, etc because the money lenders are our enemies. I'm going to crush the money lenders...they are criminals,” Museveni remarked while commissioning the 600MW Karuma Hydropower Dam at Karuma Cell, Karuma Town Council in Kiryandongo District.

Citing Atiak Sugar Works Ltd in Amuru District, the Ugandan leader noted that entrepreneurs are unable to profit from their businesses due to high costs of borrowing.

“We had to save our girl of Atiak Sugar. She had made a mistake of going to a commercial bank and that project was about to collapse and we had to come in and save her. How do you say somebody have given you money but in the document you say you have bought, yet you only gave them Shgs2 million? We are going to deal with the lenders,” Museveni emphasized.

He added that: “The cost of money in the banks, especially for agriculture and for manufacturing must not be of high interest rates because when high, how would people make profits.”

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