Uganda Signs $800m Financing Deal with Islamic Development Bank

Uganda signs $800m financing deal with Islamic Development Bank

Uganda has signed a $800m (R18.39bn) financing agreement with the Islamic Development Bank to support projects, including a planned railway, that aim to boost the landlocked east African country's trade, its finance ministry said.

The Ministry of Industry announced Thursday in Algiers that 55 industrial projects, led by 37 public economic companies, were under consideration for partnerships with national or foreign operators. In a speech delivered at a conference organized as part of the Annual Meetings of the Islamic Development Bank (IDB) Group, the Director General in charge of industrial investment and the promotion of small and medium-sized enterprises at the Ministr…

Uganda's $800m IDB financing to include rail project

Uganda has signed a $800 million financing agreement with the Islamic Development Bank (IDB) to support various projects, including a planned railway, that aim to boost the landlocked east African country’s trade, its finance ministry said. The railway will connect to neighbouring Kenya’s Standard Gauge Railway and on to the Indian Ocean port of Mombasa. Other projects to be financed under the three-year deal will be in sectors such as health, t…

Museveni directs MSC to offer 8 percent annual interest loans to market vendors

Mr. Moses Byaruhanga, the Senior Presidential Advisor In-charge of Political Mobilization assured the vendors (traders) Vendors from Kalerwe and St. Balikuddembe (Owino) markets are set to benefit from low-interest government funding, known as Katale loan. The business financing project targets low-income earners and will be disbursed through the Microfinance Support Centre (MSC) at an interest rate of only eight per cent (8%) per annum. This mo…

UEDCL Acquires More UGX 91 billion Loan From Absa Bank To Refurbish Dilapidated Electricity Infrastructure

Uganda Electricity Distribution Company Limited (UEDCL), which has managed the country’s electricity distribution assets for 53 days since Umeme’s exit, has secured a USD 25 million (UGX 91 billion) loan... The post UEDCL Acquires More UGX 91 billion Loan From Absa Bank To Refurbish Dilapidated Electricity Infrastructure appeared first on CEO East Africa.

Uganda Signs $800 Million Infrastructure Financing Deal With Saudi Arabia

By Enyichukwu Enemanna In what will be a major boost in infrastructural development, Uganda’s Ministry of Finance has signed an $800 million financing agreement with the Islamic Development Bank of Saudi Arabia. The funds will support a range of development projects, including a planned standard gauge railway aimed at boosting trade and connectivity for the landlocked East African nation. The railway will connect to neighbouring Kenya’s Standard…