Uganda Development Corporation was initially established in June 1952 by an Act of Parliament Cap. 326 of the laws of Uganda to facilitate the industrial and economic development of Uganda. This was done by promoting and assisting in the financing, management or establishment of: new undertakings; schemes for the better organization, modernization or/and the more efficient carrying out of any undertaking; and conducting research into the industrial and mineral potentialities of Uganda. However, the political, social and economic upheavals that afflicted the country in the 1970s to mid-1980s did not spare the Corporation and its investments. The political unrest of the 1970s put toll to UDC’s performance like any other investments of the time. In the context of the wider economic recovery programme (1987), privatization and liberalization policies were pursued. This process saw virtually all the investments of UDC divested; and the Corporation eventually wound up in 1998.