After five years of uninterrupted loss making, Global Trust bank did not have any chance to survive the banking industry regulator's axe.
Bank of Uganda said on Friday it decided to close the bank to protect the interests of the depositors. BOU says it has had several interventions to warn and help the bank push-up but in vain GTB becomes the second bank to be closed within a period of two years. National bank of Commerce closed shop in October 2012, with Crane bank taking over some of its assets.
Addressing the media at BOU head offices on Friday, Governor Emmanuel Mutebile stressed that the bank did not have significant linkages with other players in the industry thus its closure would have no impact on the banking industry.
"The bank has failed to become commercially viable. Since it was established in 2008, GTB has incurred persistent losses which have accumulated to Shs 60bn,"
National Council for Higher Education (NCHE) was established by an Act of Parliament to regulate higher education, and to guide the establishment of institutions of higher learning as well as ensure that quality and relevant education is delivered. After the amendment of the Universities and other Tertiary Institutions Act in 2006, it became mandatory that all academic and professional programmes in higher education institutions in the country be accredited. NCHE assesses these programmes to ensure that they meet the required quality, standard and are nationally recognition.
Sweden has resumed financial aid provisions to Uganda after six-month suspension in response to anti-gay law passed in February.
The Swedish embassy in Kampala announced Monday it will provide $200 million (£117.8 million) in development support to Uganda over the next five years. The money is intended to improve Uganda's health care and embolden the 'respect of human rights.'
"Sweden wants to help create better conditions in Uganda for sustainable economic growth and development... Sweden continues to support human rights and freedom from violence," Sweden's Minister for International Development Cooperation, Hillevi Engstrom, said.
In a statement issued by the foreign ministry in Stockholm last Thursday, Engstrom also said: "I will specifically monitor the situation of women's rights and LGBT rights. It is important that LGBT people and others do not become scapegoats because of changes in Swedish aid."