Kadaga Applauds NSSF for Investing in Regional Real Estate Projects

The Speaker of Parliament Rt Hon Rebecca Kadaga has commended National Social Security Fund (NSSF) for extending real estate investments across the country.

Speaking at the grand opening of the Fund’s Shs 3.3 billion ultra modern commercial building, the Jinja City house where she was the Chief guest on Thursday afternoon, Kadaga noted that NSSF is working towards its objective of fostering economic development.

“It is gratifying to see that NSSF is committed to contributing to economic development in major towns in Uganda. NSSF was set up to offer social security services to its members, but in so doing is also providing the much needed long term financing necessary for economic development in the country,” Rt Hon Kadaga said.

She further pledged that Parliament would expedite proposed amendments of the NSSF Act when presented to the House.

“I am aware that Cabinet recently passed a resolution to amend the existing NSSF Act to extend social security coverage to all Ugandans who are not catered for within the NSSF amAct Cap 222,” she said.

“I look forward to receiving this proposed Bill in Parliament. We have talked about pension reforms for more than 15 years now. It is high time we acted”, Ms Kadaga added.

Mr Richard Byarugaba, the NSSF Managing Director said that the Fund has embarked on providing jobs to both skilled and non skilled Ugandans and delivering value to its members.

On his part, the NSSF Board Chairperson, Patrick Byabakama Kaberenge, said that under the Board’s guidance, the NSSF management has revived the Fund’s real estate investments portfolio and several projects that had been stalled are now underway.

The Shs 3.3 billion project whose construction started on April 20, 2016, is the first modern commercial complex to be developed by NSSF out side Kampala.

Located in Jinja town on plot 2-4 Lubas road, the 4 storey complex has a total built up space of 1,500 square meters, of which 1,200 square meters will be reliable space, and contains 50 parking slots.

The Fund also projects to complete Shs 14.5 billion high end projects which comprise of 50 housing units in Mbuya and the mixed development project in Mbarara, valued at Shs 3.9 billion by December this year.