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This year, a law governing operations of Uganda’s Warehouse Receipt System (WRS) will be put in place, trade minister Daudi Migereko has said. “Before the end of April, deliberations about the bill will have started because most of the would-be impediments like politics and constitutional amendment bills are out of the way,” he claims.

Migereko says that enacting the WRS Law would win the confidence of many stakeholders like banks, collateral managers and insurance companies whose cooperation in the implementation of the system is crucial.
The Common Fund for Commodities is the funder of the system.

So far, Allied Bank, East Africa General Insurance Company and Cotecna are among key stakeholders.

The bill was first mentioned in 2005 and forwarded to the Ugandan parliament for discussion.

The bill seeks to establish the Uganda Warehouse Receipt System Authority to regulate the warehouses. It also seeks to provide for the licensing of warehouse and warehouse keepers, provide for a national system of warehouse bonding for the protection of depositors and provide for the issuance of warehouse receipts.

Pilot projects have been done in the east and west of the country.