Cabinet has approved a proposal to borrow USD84.73 Million from the Exim Bank of China to finance the National Science, Technology, Engineering and Innovation Skills Enhancement Project (NSTEI-SEP).

The proposal was passed on Monday, May 28th during a cabinet meeting held at State House in Entebbe.

According to ICT minister Frank Tumwebaze, the loan is required to establish two incubation centres to enhance skills development and promote Science, Technology, Engineering and Innovation based Enterprise development among Graduates, Craftsmen, Technicians, Engineers as well as other Scientists and Innovators.

The centres will be the National Science, Technology and Engineering Skills Enhancement Centre (NSTESEC) and Technology, Innovation and Business Incubation Centre (TIBIC).

Tumwebaze said the centres will, “retool Graduates, Craftsmen, Technicians, and Engineers to undertake various infrastructural works, electricity distribution, water drilling and distribution, road construction, building construction pipeline construction, light railway.”

The funds, according to the Minister are also required to establish technology, innovation and business incubation facilities including workspaces and Common User Facilities for scientists and innovators to help them further develop their technologies and business models.