Bidco bid clarified
By Steven Odeu
MWESIGWA Rukutana, a state Minister in the finance ministry, has assured the public that the Government is not giving any subsidies to BIDCO Oil Refineries for the development of the vegetable oil project in Kalangala.
During a news conference yesterday, Rukutana said the $120m project is to continue without fail.
�It is important to know that government is not guaranteeing or servicing any loan for BIDCO. All we are doing is to provide support to BIDCO when they apply for the loan from MIGA. But this does not transform to any commercial liability on the Government,� Rukutana said.
Rukutana also clarified on the issues of the 25-year corporate tax concession, 12- year Value Added Tax (VAT) deferral and other fiscal incentives offered by the Government. He said these are necessary for a project of such magnitude and in the agricultural sector.
�Let us all work together to ensure a successful implementation of the oil palm component of the vegetable oil development project that will help us become self sufficient in the production of cooking fats and eventually export the surplus,� Rukutana said.
Bidco Uganda managing director, Kodey Rao, also attended the function.
Published on: Wednesday, 25th February, 2004
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Ugandans are, once again, being led to the (financial) slaughter house by their government. This air-project will cost dearly, and has already cost us a great deal. By the time it ends, we'll be out of several million dollars, owe millions more, and peasnts will be landless, for good measure. Talk about bait-and-switch!
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