Business
China Exim Bank to fund more projects in Uganda
Publish Date: May 06, 2014
China Exim Bank to fund more projects in Uganda
The President of Exim Bank Li Ruogu listens to State Minister of Finance Jacan Omach, on arrival at Entebbe International Airport. Photo/Kennedy Oryema
  • mail
  • img
newvision

By Taddeo Bwambale

The President of the Export-Import Bank of China, Li Ruogu will discuss funding for more infrastructure projects in Uganda, the state minister for finance in charge of general duties, Jachan Omach disclosed on Tuesday.

Ruogu, who is on a three-day visit to Uganda, arrived in Uganda on Tuesday for discussions on the financing of Karuma and Isimba hydropower projects.
 

Speaking to journalists shortly after the arrival of Exim Bank officials at Entebbe Airport, Omach said Ruogu would also discuss funding for other infrastructure projects.
 

Ruogu was on Tuesday scheduled to meet the Prime Minister, Amama Mbabazi and the minister of finance, Maria Kiwanuka tomorrow (Wednesday).
 

He will meet President Museveni on Friday to confirm and present details of the financing arrangement for 600MW Karuma Hydropower dam and the 188MW Isimba Hydropower Dam.
 

Construction of Karuma is expected to cost $2b. EXIM Bank will meet 85% of the funding while Uganda will commit 15% of the cost. The loan will be repaid in five years.
 

Last year, EXIM bank sent a delegation to Uganda to discuss the financing arrangements for the project, expected to be completed by 2018.
 

Omach disclosed that the EXIM bank boss would also consider funding several other projects that include construction of the standard railway gauge linking East Africa and phase 3 of the e-government infrastructure project worth over $100m.
 

“Part of the discussions will also include supply of additional heavy equipment worth $90 million for local government,” Omach stated.
 

Last year, China supplied road construction equipment for all districts at a cost of $100m.
 

Ruogu will visit sites of construction for the $350m Kampala-Entebbe Express Highway funded by EXIM bank.
 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Mutebile roots for corporate governance
THE Bank of Uganda governor, Emmanuel Mutebile, has called for improvement in corporate governance for the country to meet growth targets...
Govt seeks approval for sh1.3 trillion loan
THE Government is seeking Parliament’s approval to receive $483m (sh1.39 trillion) from the Exim Bank of China...
Fastjet starts Entebbe flights
Fastjet, one of Africa’s burgeoning budget airlines has started flights from Entebbe International Airport to Dar es Salaam’s Julius Nyerere International Airport....
USAID funds coffee policy
Efforts to implement the national coffee policy got ‘a shot in the arm’ after the United States Agency for International Development (USAID) earmarked about sh1.3b to promote development in the coffee sector. The policy is expected to rejuvenate Uganda’s coffee sector....
Uganda losing sh497 trillion in unprocessed exports
ACCORDING to trade minister Amelia Kyambadde, Uganda lost as much as $128.45m (sh373b) in 2012 in exporting goods that were not processed, packaged or branded to the UK....
Tonnes of immature fish impounded in Amolatar
A combined force of the Police and regional fisheries law enforcers mounted a surprise night operation in Amolatar district, impounding tonnes of immature smoked fish...
Is KCCA doing enough to curb poor hygeine?
Yes
No
Can't Say
follow us
subscribe to our news letter