Wakiso – President Museveni on Thursday afternoon commissioned the 72-million-dollar SOLANA lifestyle and Residences housing estate built by the National Social Security Fund.
Museveni said Ugandans must understand the importance of raising joint and collective capital which he asserted was the only way society can finance and undertake big projects.
The SOLANA housing project is located in Lubowa in Wakiso district. The 72 million housing project which is the first phase of the 10-year housing project that will be on 600 acres when completed, has 300 houses on 60 acres of land.
The housing units include bungalows, apartments and villas among others which will cost between $215,000 (Shs 800m) and $890,000 (Shs3.2bn).
“Collective saving is important. That’s how capitalists developed their countries by floating shares and raising capital to do big investments and ventures that they could not do individually,” said Museveni.
President Museveni further said that the government promotes and encourages the formation of Saving and Created Societies (SACCOS) country-wide so that Ugandans can be able to raise capital jointly and do big ventures together without necessarily going to banks for very expensive loans.
The President further said the pre-occupation of the NRM government is to get the 39% who are still in a subsistence way of life and join the money economy.
He said that it’s only when all 9 million families of Ugandans get into the money economy they will be able to purchase all the houses in the many estates that NSSF is putting up or even build for themselves decent accommodation.
