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
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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.
 

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