Parliament approves sh288.6b loan for industrial parks

Parliament has approved government loan request for 84.9m dollars (about sh288.6b) from the Export-Import Bank of China to finance four industrial sub-stations and transmissions lines.

The objective of the project is to extend the transmission grid and to supply adequate and reliable power to the industrial parks of Namanve, Luzira, Iganga, and Mukono.

The loan, which parliament approved on Friday, is to be repaid within 15 years at an interest of 3% per annum and with over 80% of the project procurements coming from China.

The construction for the industrial parks substations shall take a period of 30 months.

 The project will benefit the various factories that are situated within the industrial parks to have reliable power supply.