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
Uganda to earn sh5.3 trillion from tourism
Earnings from tourism are expected to exceed $2 billion (about sh5.3 trillion) per annum in the next few years, according to projections from the recently launched tourism Master Plan....
Ministry probes officials for smuggling row
The ministry of local government is investigating its officials after a car belonging to the ministry was impounded with contraband polythene bags in Busia district....
Develop human-centred solutions, techies advised
Young techies have been advised to have users at the back of their minds, while developing solutions if they are to thrive in an increasingly dynamic Information Communication Technology world....
Justice Kiryabwire tips on work ethics
Geoffrey Kiryabwire, Justice of the Court of Appeal, has decried the poor corporate governance culture in Uganda....
Leaked oil contracts reveal large payout to State coffers
A report based on leaked Ugandan oil contracts shows that Government has got a better financial deal for the country’s oil but has failed to put in place crucial environmental and human rights safeguards....
Open discussion forums on procurement start
The Public Procurement and Disposal of Public Assets Authority (PPDA) has started holding open discussion forums, locally called barazas, to engage Ugandans on procurement issues in their localities....
Will police's move to increase the number of investigators help deal with fraud?
Yes
No
Can't Say
follow us
subscribe to our news letter