Excerpt from Africa Housing Finance Yearbook 2014
Uganda, East Africa’s third largest economy, has had a decade of strong economic growth, helped by a robust private sector, liberal policies and a stable macroeconomic environment. Key challenges lie in transport and energy infrastructure, and in high unemployment and poverty rates. Rampant inflation, at 18.7 percent, made 2011 a difficult year, but the government managed to stabilise the economy, bringing inflation down to 14.6 percent in 2012, 5.2 percent by June 2013, and 4.9 percent by June 2014. GDP growth decreased to 3.4 percent in 2012 – the lowest rate in the past decade, but rose to 6 percent in 2013, supported by growth in the telecommunications, electricity supply and construction sectors. The telecommunications and construction sectors comprised 21.1 percent and 7.4 percent of GDP in 2013, respectively while the electricity supply sector comprised 9.9 percent. In 2014, GDP growth receded to 4.7 percent, mainly due to reduced growth in the telecommunications sector (down to 2.8 percent, from an average of 21 percent in the previous years); a contraction of 5.1 percent in the fishing sector, due a decline in fish stocks in Lake
Excerpt from Africa Housing Finance Yearbook 2014
Uganda, East Africa’s third largest economy, has had a decade of strong economic growth, helped by a robust private sector, liberal policies and a stable macroeconomic environment. Key challenges lie in transport and energy infrastructure, and in high unemployment and poverty rates. Rampant inflation, at 18.7 percent, made 2011 a difficult year, but the government managed to stabilise the economy, bringing inflation down to 14.6 percent in 2012, 5.2 percent by June 2013, and 4.9 percent by June 2014. GDP growth decreased to 3.4 percent in 2012 – the lowest rate in the past decade, but rose to 6 percent in 2013, supported by growth in the telecommunications, electricity supply and construction sectors. The telecommunications and construction sectors comprised 21.1 percent and 7.4 percent of GDP in 2013, respectively while the electricity supply sector comprised 9.9 percent. In 2014, GDP growth receded to 4.7 percent, mainly due to reduced growth in the telecommunications sector (down to 2.8 percent, from an average of 21 percent in the previous years); a contraction of 5.1 percent in the fishing sector, due a decline in fish stocks in Lake Victoria; and a slowdown in private investment, due to tight credit conditions. Large-scale oil production, which is predicted to begin in around 2015, is expected to double the current GDP growth rate – it is estimated that Uganda’s reserves could produce 200 000 barrels a day.
With the National Development Plan (NDP 2010/11 – 2014/15) in its last year of implementation, a new strategy and policy framework document – the Uganda Vision 2040 – was launched in 2014, to guide the socio-economic development of the country over the long term. Vision 2040 will build on the achievements of the NDP, which include, among others, Government allocating adequate resources to implement projects in energy and infrastructure. However, to ensure that Vision 2040 is adequately implemented, and monitored and evaluated, the roles and responsibilities of Ministries, Departments and Agencies need to be streamlined.
Although only 14 percent urban in 2009, Uganda has been rapidly urbanising, at 5.1 percent per annum, and it is expected that by 2050, Uganda will be amongst the most urbanised countries in Africa. In August 2014, the Uganda Bureau of Statistics embarked on the housing and population census to update the information available from the previous 2002 census. Preliminary findings are expected at the end of 2014, while the detailed findings will be published at the end of 2015. Uganda ranks 132nd out of 189 countries on the World Bank’s 2014 Doing Business Report, down twelve places from its 2013 ranking.
Access to finance
Uganda’s banking sector continues to grow. The number of commercial banks has increased to 26, with 457 commercial bank branches and 685 ATMs across the country. By June 2014, commercial bank assets to GDP comprised 26 percent, up from 22 percent in June 2013. Bank credit to GDP stood at just below 13 percent by June 2014, down from 12 percent in June 2013. Bank deposits to GDP stood at 17 percent of GDP by June 2014, down from 15 percent in June 2013. In recent years, lending by banks has increased substantially, due to the growing number of deposits, and a declining inclination to invest in government securities. The Bank of Uganda forecasts that the shift from public to private sector investment will continue, although the high lending rates and low credit availability may stifle demand somewhat. By June 2014, loans to the building and real estate sector as a percentage of all private sector credit jumped from 16.4 percent in 2009 to 23.3 percent, overtaking loans to the trade and commerce sector, since 2010.
Of the nine financial institutions that offer mortgage finance in Uganda, five dominate: Housing Finance Bank (HFB), Stanbic Bank Uganda, DFCU Bank, Barclays Bank and Standard Chartered Bank. Of these, the market leader is HFB, established in the 1980s by the Ugandan government as the Housing Finance Company of Uganda. Now a private institution, HFB holds about a 55 percent share of the total mortgage finance book value, and four percent of total banking sector assets. By June 2014, the total mortgage portfolio was estimated at Ush5.2 trillion (US$2.1 trillion) or 8.7 percent of GDP compared to USh1.65 trillion (US$660 million), or 4.8 percent of GDP in 2010, USh771billion (US$308.4 million) in 2009, or 3.3 percent of GDP, and USh2.4billion (US$12.9 million) in 2002, or 0.3 percent of GDP.
The mortgage lending sector has diversified considerably since 2002, when only residential mortgages were available. In additional to residential loans, lenders now also offer mortgages for commercial property, land purchase and construction finance to property developers. By June 2014, residential mortgages comprised 29.3 percent of bank credit, compared to 10 percent by June 2010. Commercial mortgages comprised 21.2 percent of bank credit by June 2014, compared to four percent by June 2010. The share of bank lending for land purchase to total credit to the real estate sector also rose from 1.1 percent in June 2012 to 1.8 percent as at June 2014.
The Bank of Uganda has maintained its Central Bank Rate (CBR) at 11 percent, since August 2013. Mortgage interest rates are therefore still expensive, above 15 percent, because banks add 400 basis points on the CBR to cater for the cost of accessing mortgage funds, marketing the mortgages and the administrative costs that banks will incur in offering mortgages. As a result of the high interest rate, the residential mortgage sector mainly serves middle and high income earners. Still, a number of mortgage lenders are beginning to take an interest in the lower end of the market. Post Bank Uganda, for example, provides low cost savings accounts and operates in the lowest income quintile. Commercial banks such as Stanbic and Centenary Bank have product mixes that include microfinance services. Nevertheless, the sector has a long way to go, as access to financial services is still available only to a minority. According to the World Bank’s Global Financial Inclusion Database (Global Findex), only about 20 percent of adults over the age of 15 have an account at a formal financial institution. Only one percent of adults have an outstanding loan to purchase a home, while 3.6 percent say they have a loan for home construction purposes.
Obtaining long-term funding for lenders has also always been a challenge. Banks rely mostly on their short-term deposits to provide mortgage finance, meaning shorter terms for loan products. A rise in interest rates also attracted money away from the mortgage sector: the value of government securities held by banks grew by USh595.4 billion or 19 percent from USh3.1 trillion in 2012 to UGSh3.7 trillion in December 2013. The Uganda Securities Exchange, while growing, is still a small stock exchange by any standards, and has a relatively modest market capitalisation of USh9.9 billion (US$4.4 million). It has nevertheless offered some opportunity for fundraising, with over 25 treasury and corporate bonds, as well as a number of successful Initial Public Offerings. In January 2010, for example, Stanbic issued a bond for about US$15 million, to be used for long-term liquidity, raising hopes for more readily available and affordable mortgages.
The Ugandan statutory pension scheme, the National Social and Security Fund (NSSF), offers much potential as a funder. The NSSF is a mandatory scheme requiring that employees of medium companies contribute five percent of their gross monthly salary, while employers contribute 10 percent of the total monthly salary to the fund. The NSSF has invested considerably in the financial sectors, acquiring 50 percent equity in HFB and holding shares in Stanbic and DFCU. It is also involved in providing lines of credit for the DFCU bank. The NSSF has, however, not been involved in direct lending for housing acquisition to its members. The enactment of the Retirements Benefits Liberalisation Bill in 2011, which liberalised the retirement benefits sector and also allowed for fair competition among licensed retirement benefits schemes for mandatory contributions, allows workers who have saved for 10 years, in any scheme, to access 30 percent of their savings to secure a mortgage or a loan for purchasing a residential house from any financial institution.
Other sources of long-term funding include international credit institutions. In 2009, the Africa Development Bank approved a US$20 million loan facility to Housing Finance Bank (HFB) for financing mortgages and investments in the housing and construction sector, payable within 10 years, with a grace period of two years. In the same year, NSSF approved a Ush20 billion loan facility to HFB, to finance mortgages, payable within 10 years, with a grace period of two years. In 2013, Agencies Francie De Development approved a US$10 million loan facility to Housing Finance Bank to finance mortgages, payable within eight years, with a grace period of one year.
DFCU sources credit lines from, amongst others, Kfw Bankengruppe, the International Finance Corporation, the European Investment Bank, the Norwegian Investment Fund for Developing Countries, Deutsche Investitions Und Entwicklungsgellschaftmbh, UN-Habitat, Opec Fund for International Development, PROPACO, East African Development Bank and FMO USD. Collectively, these organisations/institutions increased funds loaned to DFCU from USh241.5 billion in 2012 to USh282.7 billion in 2013
In 2011, the European Investment Company granted a €40 million loan to five leading commercial banks in Uganda to assist in providing financial support in the areas of small and medium-sized enterprises, as well as housing. Also, the Kenya Commercial Bank (KCB) Uganda has invested US$15 million to address the increasing need for mortgage facilities in the country. In addition, in July 2014, Shelter Afrique provided a US$9 million loan to National Housing and Construction Company Ltd, to finance the construction of new and affordable housing units.
Uganda has a fairly diverse, well established and growing microfinance industry. In 2014, 32 MFIs were reporting to the Mix Market (an online source of microfinance performance data and analysis), registering a total of 490 197 active borrowers and a gross loan portfolio of US$539 million (a 70 percent increase compared to 2013). With support from the Stromme Foundation and Habitat for Humanity Uganda (HFHU), a number of MFIs are piloting housing microfinance products in which they will lend low income earners up to USh8 million (US$3 478), payable over two to five years. Through the MFIs, Stromme Foundation has been able to reach to close to 100 000 low income earners. HFHU directly issues home improvement loans to low income earners through two of its branches in Luweero and Masindi. These are disbursed in cash at an average loan amount of US$805, payable within two years at an interest rate of two percent a month.
In 2010, Ugafode Microfinance, an MFI that had been incorporated as an NGO in 1994 under the name of Uganda Agency for Development Limited, was incorporated as a company, and in 2011 was licensed as a micro deposit taking institution (MDI) regulated by the Bank of Uganda, bringing the total number of MDIs regulated by the bank to three (Finance Trust is now a tier 1 bank). Ugafode has a range of products targeting low and moderate income earners. Three products are explicitly for housing: asset acquisition loans, micro-mortgage loans and flexible housing loans. With 10 018 active borrowers in 2014, Ugafode has a gross loan portfolio of US$6.987 million. Ugafode’s deposit base is strong, with 41 943 depositors saving almost US$2.95 million.
Equity Bank (formerly Uganda Microfinance Limited) and Centenary Bank also provide home improvement loans. These are generally short-term consumer loans designed for regular income earners to finance home improvements and to purchase land, for construction, renovation and the installation of energy and water, and to purchase furniture and recreational equipment.
In 2012, USAID launched a credit guarantee scheme worth US$6 million, in Centenary Bank, to address the housing finance needs of private health workers. The scheme guarantees against the non-performance of the loans at a ratio of 60:40. By the end of 2013, Centenary Bank had issued 38 loans worth US$1.27 million. However, the terms against which the loans guaranteed can be accessed (30 percent down payment; interest of 25 percent; salaried income; loan repayments not to exceed 40 percent of a borrower’s salaried income and a tenure of three to five years), can only be met by two percent of the private health workers (those that earn USh1 million and above).
Over 100 NGOs and 700 savings and credit co-operatives also offer microfinance. Some, such as Pride Microfinance and Finance Trust Bank, have been providing loans that have indirectly gone to house construction. Over time, many of these are developing explicit housing loan products. Pride Microfinance, for example, offers a micro-mortgage of between USh200 000 (US$80) and USh2 million (US$800).
In 2013, a five-year project was launched by Habitat for Humanity International and the MasterCard Foundation to support financial institutions in Uganda to develop housing microfinance products for low income earners. In this project, Habitat for Humanity International works with the following microfinance institutions; (i) Centenary Bank (ii) Pride Microfinance and (iv) Opportunity Bank.
Uganda has a credit reference bureau that has been operating since December 2008. The CRBS, operated by South African firm CompuScan, carries the particulars of borrowers’ debt profiles and repayment history, enabling lenders to make informed lending decisions. In the long run, this should support and enhance the lending industry in the country. The Bank of Uganda sees it as a means of reducing the risk on lending and ultimately making loans more affordable, given the high interest rates in the country. Just over 600 000 individuals (3.7 percent of the population) are included in the private credit bureau.
For the first time since independence, Uganda embarked on a national registration exercise to ensure that every citizen has a computerized national identification card, with a photo, name and biometric details, including fingerprints. The national identification cards will help reduce fraud in the banking sector and electoral malpractices.
A national identification system is also under development. In 2014, Uganda dropped by two places to 42nd out of 189 countries (from 40th in 2013) on the World Bank’s ‘ease of getting credit’ index, according to the World Bank’s 2014 Doing Business Report.
Housing affordability is a serious challenge for Ugandans. According to the Uganda Bureau of Statistics, in 2009/10, about a quarter of the population, or 7.5 million Ugandans, living in 1.2 million households, were defined as poor. This was a reduction from the previous five years when about a third of the population was poor. In that same period, however, inequality increased, with the Gini coefficient deteriorating from 0.408 in 2005/06 to 0.426 in 2009/10. UN-Habitat reports that the per capita income of Ugandans is about US$300, although this amount is slightly higher in urban areas. More than half of the city dwellers in Kampala live on about USh3 600 a day (US$1.44).
Of the mortgage products on offer from commercial banks, typically a deposit of 20 percent to 30 percent is required, and terms range from five to 20 years. Products cover house construction, new home acquisition as well as house improvements, and loans of between USh5 million and USh1 billion (US$2 000 to US$400 000) are available, depending on the size of the lender. Interest rates are high at over 17 percent in 2014, and this compromises loan affordability.
There is a recognised shortfall of affordable housing in the country. According to the Real Estate Database, rentals in June 2014 started at USh300 000 (US$116) a month for a one bedroom unit, and go as high as USh10.3 million (US$3 995) a month. Houses for sale start at USh25 million (US$10 000) for a basic two bedroom house, and go as high as USh1.95 billion (US$737 000) for a four-bedroom house. There are very few of the lower cost houses available, however.
The cheapest house built by a private developer in 2014 was US$80 000 for a 120m² house. At current rates, this would cost an estimated US$1 288.34 a month (at 18 percent over a 15-year term) – well beyond the reach of 99 percent of the population. In 2010, it was reported that the cheapest housing loan products from commercial banks required at the very least that an individual have a monthly salary of USh1 million (US$400) to qualify for a mortgage. According to these criteria, less than one percent of Ugandan households would qualify.
A key factor contributing towards the cost of housing is the infrastructure component. Increasingly, given capacity constraints within local authorities, developers are developing local and bulk infrastructure as part of actual development, and covering this investment in the price of the housing rather than spreading it over the long life of the services delivered, as a municipality might be able to do. This contributes as much as 15 percent to 25 percent to the purchase price. Another factor is the cost of building materials. Between 2012 and 2014, domestic cement production increased by 54.3 percent, easing pressures somewhat. Within that period, the price of 50kg bag of cement dropped to US$10.20. In rural areas this is higher, at US$11.10. A standard sheet of corrugated iron for roofing costs US$7.20 for 10 feet, gauge 32.
Savings and credit co-operatives and MFIs also improve affordability among the lower end of the income spectrum. The Uganda Human Settlements Network has since 1999 sought to address many of the challenges in the sector through lobbying, advocacy and sharing information for better policies, programmes and practices. In 2014, the Uganda Human Settlements Network contributed to the formulation of the Draft National Housing Policy and the Building Control Act (2013). In 2014, the Uganda Human Settlements in partnership with Foundation for Rural Housing (FHSE-Uganda), mobilized 30 households in Tororo into a housing cooperative – the West Budama South Housing Cooperative Society Ltd.
Estimates of the national housing backlog vary, and in 2012 ranged from 560 000 to 1.6 million units, with an annual housing need of 233 000 units. The Ugandan Minister of Lands, Housing and Urban Development noted in 2012 that the backlog could hit eight million by 2020 if nothing was done. Some 28 percent of the backlog (160 000 units) is in urban areas, and the capital city of Kampala, has an estimated backlog of 100 000 units. Formal supply is not keeping up with the demand – mainly because Uganda has only a few well capacitated formal housing developers. UN-Habitat estimates that Uganda has about six million households living in 4.5 million housing units. In Uganda’s slum settlements, residents are largely tenants living in single rooms. The 2002 Population and Housing Census suggested that 70 percent of houses are built with temporary building materials, and of these, 27 percent are in urban areas. In 2012, UN-Habitat agreed on a five-year project to develop a sustainable long-term financing strategy for slum upgrading and economic development. The estimated cost of the project was US$4 million. US$0.5 million of the project funds have been used to upgrade the Kasoli Slum in Tororo – Eastern Uganda. The Kasoli Slum is being implemented through a public private partnership, comprising the Ministry of Lands, Housing and Urban Development, Tororo Municipal Council, the Kasoli Community in Tororo, UN-Habitat and DFCU Bank.
The development of housing has been on the increase in recent years, and between 2010 and 2011, the number of plans submitted and approved increased by almost two thirds, with a total of about 1 500 plans approved in 2011. The largest developer is NHCCL, which claims it has the capacity to develop as many as 4 000 units a year, although in 2009, it only put 900 units into the market. Between 2010 and 2014, NHCCL constructed 4 593 housing units – an average of 1 000 units per year. A key concern however, is that the company ran out of land on which to build, in 2014. The only available land it had, measuring 300 acres, is occupied by squatters. Efforts to resettle the squatters have been futile. Nonetheless, plans are underway to buy 800 acres of land to construct more houses.
A number of larger developers, both local and foreign, have entered the market recently, such as the Kensington Group from Dubai, Pearl Estates, Nationwide Properties, Akright Projects and more recently Highland Heights. These developers contribute only a modest number of units, mainly to the middle to upper income categories. At the lower end of the income spectrum, the government, in conjunction with donors such as the Danish International Development Agency and UN-Habitat is involved in a number of local housing initiatives. As highlighted above, UN-Habitat in conjunction with the Ministry of Lands, Housing and Urban Development, Tororo Municipality and DFCU Bank, launched a low cost 15-year mortgage project worth USh5 billion (US$2.1 billion) to upgrade the Kasoli Slum in Tororo Municipality To date, about 150 low cost houses (USh26 million, US$10 400, for a two bedroom house and USh 28.9 million, US$ 11 560, for a three bedroom house with a shop) have been built, out of the planned 265. Former occupants of the Kasoli Slum were given the first priority to buy the houses. DFCU Bank will provide loans to former slum dwellers, to purchase the houses. The loans will be paid in 15 years, at a fixed interest rate of 15 percent.
In 2013, the Ministry of Lands, Housing and Urban Development embarked on the institutional housing project, to address the housing needs of public servants that work in the education (primary teachers) and health sectors. The institutional housing project will construct affordable housing, using affordable alternative technology. With the affordable alternative technology, a 70m2 house will cost US$17 600 (including the cost of land and infrastructure). A house of the same size, built by a private developer costs about US$50 000. The institutional housing project will however build only 500 houses, and yet there over 300 000 public servants, all in dire need of affordable housing.
Minimum stand or plot sizes are 0.05ha for residential property in urban areas. A standard two bedroom house costs around US$25,000.
In the medium term, the Ministry plans to enter into partnerships with Municipalities to avail land on which institutional houses will be built for public servants in the education (primary teachers) and health sectors.
Ultimately most Ugandans build their own housing incrementally. This includes the poor as well as higher income earners, where a culture of incremental build using savings as well as loans from savings and credit co-operatives, and more recently microfinanciers, has been established.
There is increasing activity in the property market in Uganda. Kampala’s residential market has seen rapid growth, with construction of various housing estates, apartment blocks and townhouses in older residential areas, as well as new suburbs being opened up. As a result of this activity, land prices have been increasing such that the Minister of Lands, Housing and Urban Development said that a denser urban form, with the construction of multi-storey apartments, will be favoured over the construction of bungalows. As a result, several Urban Councils, including Kampala City have passed by-laws/ordinances that allow them to only approve multi-storey buildings in their Central Business Areas.
The implementation of the Lands Information systems (LIS) Project, which is integrating all spatial and alpha numerical aspects of land administration, land registration and cadastral data has eased the process of registering property. In the World Bank’s 2014 Doing Business Report, Uganda was ranked 126 out of 189 countries, improving two points from 2013 rankings.
In 2011, the Bank of Uganda, in partnership with the Uganda Bureau of Statistics, started collecting comprehensive statistics on the real estate sector, to enhance supervision of the sector and also analyse the risk the sector poses to the financial sector. The statistics which are collected monthly include information of purchase and sale of land, residential houses and rent of commercial premises for business and industrial purposes.
Policy and regulation
Uganda’s housing policy framework is still evolving. A draft National Housing Policy has been under consideration for the past four years. The policy is now before Cabinet. The delay in the formulation of the policy was largely owed to a lack of funds, and the low priority given to housing by the Government. According to the Ministry of Lands, Housing and Urban Development’s Ministerial Policy Statement for the 2013/14 and 2014/15 financial years, housing is not among Government’s key priorities, as evidenced by the low national budgetary allocation which was only 0.020 percent and 0.025 percent in 2013/14 and 2014/15 respectively.
The draft National Housing policy gives explicit attention to the affordable housing needs of low income earners, including slum upgrading, enforcement of minimum standards that will prevent overcrowding and the improvement of the living standards of the urban poor. The policy also recognises the role of the private sector in providing housing on a commercial basis. The policy aims to increase the construction of housing to 250 000 units a year, compared to current production which is estimated at less than 10 000 units, so that the deficit can be decreased by 50 percent by 2025. The policy addresses the delivery of housing both for rental and for ownership, and will enable government to build houses for public servants. The government also plans to create a revolving fund to finance public servants’ housing.
In his 2014/15 Ministerial Policy Statement, the Minister of Lands and Housing committed to implement the National Land Policy (2013) , and to finalise the formulation of the National Urban Policy and National Real Estate Policy; commence the drafting of five land related Bill (Surveyors’ Registration Act (Amendment) Bill, Registration of Titles Act (Amendment) Bill, Land Acquisition Act (Amendment) Bill; Survey and Mapping Bill, and the Land Information and Infrastructure Bill (LIS), among others.
Uganda has a system of non-judicial foreclosure, often considered more useful for developing mortgage markets. There is, however, concern amongst mortgage lending institutions that the amendments of the Mortgage Act will force the foreclosure process to be administered through the court system, which is overloaded and understaffed.
Continued macroeconomic stability has sustained economic growth and created a suitable investment climate in the country. With this has come an unsatisfied demand for housing, especially in the affordable housing segment that caters for the growing middle and lower income groups. This is a definite area for growth and opportunity, supported by the forthcoming National Housing Policy. The mortgage market is still in its infancy and can accommodate many more players, as has been illustrated by the entry of newcomers such as Stanbic and Standard Chartered banks. Microfinance is well established in the country, including housing microfinance lending practices. This is an area of enormous potential, given the established market for microfinance and the pre-dominance of self-build.
Other opportunities include:
The creation of Real Estate Investment Trusts (REITS) could minimise the risk several private sector occupational schemes could face, when directly investing in real estate.
Setting up a liquidity facility. The facility will act as an intermediary between banks offering mortgage finance and the bond market – to enhance the use of pension funds for housing finance. Bonds issued by the liquidity facility can be bought by pension schemes to finance the facility fund banks that offer mortgage finance.
Africa Microfinance Action Forum (2008). Diagnostic to Action: Microfinance in Africa.
Agaba, V. (2008). Shrugging off the Lethargy – Trends in the Uganda Mortgage Market. Housing Finance International, September 2008.
Bank of Uganda (June 2013): Current State of the Ugandan Economy.
Bank of Uganda (2013): Financial Stability Report.
Demirguc-Kunt, A. and Klapper, L. (2012). Measuring Financial Inclusion: The Global Findex. World Bank Policy Research WP 6025.
Kalema, W. and Kayiira D. (2008). Access to Housing Finance in Africa: Exploring the Issues (No.4) Uganda. Paper commissioned by the FinMark Trust with support from Habitat for Humanity.
Kalema, W. and Kayiira D. (unpublished, 2012). Overview of the Housing Industry and Housing Finance Sector in Uganda.
Ministerial Policy Statement for Lands, Housing and Urban Development. Vote 012 & 156 FY 2014/15. Presented to Parliament for the Debate of the Estimates of Revenue and Expenditures, 28 June.
Ministry of Finance Planning and Economic Development (2014): Background to the Budget.
Uganda Bureau of Statistics (2014).
UN-Habitat (2012). Uganda National Urban Profile.
World Bank (2014). Doing Business 2014 Report. Uganda.
 The technology that will be adopted will involve a higher cost of materials, but the speed and scale of delivery would lead to sufficient savings on labor costs
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