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
MTN tops most admired, valuable African Brand
MTN has again topped the Brand Africa 100® list as the most admired and most valuable African Brand. At over $5.4b, MTN is the only African brand valued over a billion dollars....
17 business personalities awarded American honorary doctorates
A group of 17 personalities with footprints in business and humanitarian circles, have been awarded honorary philosophy doctorates in humanities by an American institution, for positive transformation of society....
Egypt to offer projects to domestic, foreign investors
Egypt will offer a slew of projects to domestic and foreign investors at a conference in March aimed at kick-starting an economy battered by years of political unrest....
Students’ involvement in investment negotiations is key
University students have been urged to get involved in negotiations of trade, bilateral and investment agreements rather than leaving it to technocrats and politicians....
Practices to add to your daily business schedule
At the end of each day’s work, find time to identify three things that went well. Once you identify them, ask the critical question such as, “Why did ‘X’ go well?”...
Dubai insurer set for Uganda
The new firm will enter into strategic partnerships to oversee, design, and control processes of selected licensed brokers....
Should workers be subjected to a 4% Health Insurance Tax??
Yes
No
Can't Say
follow us
subscribe to our news letter