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
God will punish the corrupt, says Bishop
THE Bishop of Madi diocese, Dr. Joel Obetia, has told the corrupt to beware of punishment from God for using the country’s resources to enrich themselves at the expense of poor Ugandans...
UN summit rallies global action on climate change
Some 125 world leaders are expected to commit to action on climate change at a UN summit Tuesday called to inject momentum in struggling efforts to tackle global warming....
Tinyefuza’s father hospitalized
THE father to exiled former intelligence chief Gen David Sejusa, aka Tinyefuza, Simon Peter Rwajojo, has been hospitalized at Uganda Heart Institute (UHI) –Mulago after experiencing health complications...
Court rejects petition against VP Ssekandi
THE Constitutional Court has rejected a petition that sought to have vice president Edward Ssekandi removed from office over allegations by his political rival Jude Mbabali...
Gov’t advised to use inclusive development to avoid conflicts
Government has been advised to come up with a comprehensive social development plan to avert future conflicts that may arise in the country....
Judicial, crime investigators trained in cybercrime case management
With the increasing cases of cybercrime in Uganda, officials from the chain of justice institutions have been trained in special computer skills to effectively handle the cases at various levels...
Should bride price be made optional?
Yes
No
Can't Say
follow us
subscribe to our news letter