Business
Museveni, EXIM Bank chief meet over infrastructure development
Publish Date: May 10, 2014
Museveni, EXIM Bank chief meet over infrastructure development
An artistic impression of Karuma dam
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ENTEBBE - President Yoweri Museveni met and held talks with the chairman and president of the Export-Import Bank of China (EXIM), Mr. Li Ruogu, who paid a courtesy call on him at State House Entebbe on Friday.

The President and his guest, discussed details of the financing arrangement for 600 MW Karuma Hydropower dam.

They also talked about the 188 MW Isimba Hydropower Dam and other issues of mutual interest.

Construction of Karuma is expected to cost US$2b with EXIM bank meeting 85% of the funding while Uganda will commit 15% of the cost.

The loan will be repaid in five years.

Mr. Li Ruogu has been in Uganda for a four-day visit during which he held talks with officials from various ministries and also visited cites of projects financially supported by EXIM Bank of China.

Museveni commissioned Karuma power project construction works in August last year, calling for prudent spending and more integrity among Uganda’s professionals.

At that time, energy minister, Irene Muloni said Karuma would run through the districts of Nwoya, Kiryandongo and Oyam while Kamdini and Mutundu (all in northern Uganda) will be the main sites.


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