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
National ID: More Ugandans to be taxed
THE ongoing registration exercise for national identity cards will provide accurate information needed to identify Ugandans who are eligible to pay taxes...
Pope’s invitation to Uganda still open - Govt
GOVERNMENT has said that the invitation that President Yoweri Museveni and Archbishop Dr. Cyprian Kizito Lwanga jointly sent to Pope Francis still stands...
Uganda never expected long stay in S.Sudan – Kiyonga
DEFENCE minister Dr. Crispus Kiyonga has revealed Uganda didn't expect its mission in South Sudan to be protracted the way it has turned out to be, promising UPDF’s withdrawal...
MPs promise farmers not to pass agric inputs tax
Members of Parliament have assured farmers across the country and civil society organizations that they are not going to pass the proposed tax on agricultural inputs....
Kyambogo admissions for PWDs ready
The admission letters for Kyambogo University students admitted under the People with Disabilities (PWDs) government scholarship scheme is ready, according to the institution’s spokesman Lawrence Madete....
Urban TV presenters to back Kabushenga at Pakasa Forum
Two vibrant youngsters from Urban TV will host interviews on the sidelines of the 4th edition of the Pakasa Forum on Saturday. Vision Group CEO, Robert Kabushenga will be the host....
Will strict traffic laws reduce road accidents?
Yes
No
Can't Say
follow us
subscribe to our news letter