Uganda to borrow $300m for roads

By Vision Reporter

President Yoweri Museveni has said Uganda will next year borrow $300m (about sh774b) from various local funds for road infrastructure development, saying the country needs to improve and expand its road infrastructure because of the pressure and demand from the population.

He said the country needs a total of $1.5b for 19 roads, and while it has some money it can borrow and pay back with interest locally; it cannot borrow more because the payment burden on the budget would be too big on the public.

He urged banks to provide loans and other sources provided that the terms are good.

“The roads are disturbing us, with the increasing population demanding for better and more,” he said.

He said while power and the oil refinery have received a bigger response from investors, the Government has to provide guarantee for the roads and ask for terms that are favourable because the loans can potentially become public debt and there is need to limit the indebtedness of the country.

The President was yesterday meeting officials of the Deutsche Bank, a leading global investment bank with a substantial private clients franchise, led by Boaz Swarty and Raymond O’leory at his residence at the InterContinental Hotel in London, UK.

They were accompanied by businessmen Tetah Aloni and Charles Tawil.

A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets.

With more than 100,000 employees in over 70 countries, Deutsche Bank offers unparalleled financial services throughout the world.

A follow-up meeting between the bank and government officials was agreed to understand the country’s needs.

The President, who is accompanied by the First Lady and Minister for Karamoja Affairs, Janet Museveni, is on a three-day working visit to the UK and Northern Ireland.