National
China Exim Bank to fund more projects in Uganda
Publish Date: May 07, 2014
China Exim Bank to fund more projects in Uganda
The President and Chairman of Exim Bank Li Ruogo listens to State Minister of Finance Jacan Omach, while chineses Ambassador to Uganda Zhao Yali looks on, soon after arriving at Entebbe International Airport, May.6, 2014.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 later on Wednesday.

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

RELATED ARTICLES

Chinese Exim bank boss Li Ruogu visits

 

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
EALA session commences in Kigali
The second meeting of the 3rd Session of the 3rd Assembly commenced in Kigali, Rwanda Tuesday afternoon...
Makerere University has canceled graduation fees increment following a students strike...
Makerere backtracks on graduation fees
Graduation fees will remain unchanged, Makerere University administration has announced....
Amama should declare his interests - DP
THE Democratic Party (DP) has said that short of former Prime Minister Amama Mbabazi being held accountable for alleged wrongs committed while still in good books of the NRM...
Pistorius gets five years in jail for killing girlfriend
South African Paralympian star sprinter Oscar Pistorius was sentenced to five years in prison Tuesday for the killing of his girlfriend last year, as his sensational trial reached a climax....
Oscar Pistorius sentenced to 5 years in prison
SOUTH African Paralympic athlete Oscar Pistorius today learns his sentence for shooting dead his girlfriend on Valentine''s Day last year, bringing an end to a seven-month trial that gripped the nation....
Do Ugandan tycoons prepare their children to take over their business empires?
Yes
No
Can't Say
follow us
subscribe to our news letter