UGANDA GOVERNMENT SEEK FUNDS FROM UK FOR NAMANVE DEVELOPMENT

Uganda government seek US$ 246m (Shs910b) from UK Export Finance for Namanve Development.

Uganda government has applied to UK for funds to construct a project. This project is for the development of Kampala Industrial and Business Park. Meanwhile, loan will help build the park that has been incomplete for a while now.

According to reports, the load will be available this month after decade of long talk about the need to fully develop the park. The loan which is worth  US$ 246m (Shs910b) will help address infrastructural problem in the park. Such problems include road, sewerage and waste management system, drainage and high voltage power etc.

Acting Director of Uganda Investment Authority (UIA), Basil Ajer said that Parliament approve the loan request on December 18 2018. He also said all necessary parties are on board with the loan request.”

Meanwhile, the previous figure for the development was US$151m under the last Director of UIA. But according to Mr Basil, this is the new feasibility study as the old figure was perform from a survey in 2008.

The new figure will also take into consideration a new flyover. This flyover will be constructed in Namanve North and will go round Coca Cola before connecting the south estates in the area.

Meanwhile, during the selection process, UIA were exploring different options for the loan but eventually choose UK Export Finance. This is because they had the better offer for the project.

UIA Director for Land development Hamza Galiwango said ”Funds are require to develop industrial road and park in the area. He also said the park lack a waste management system.”

 

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