By Keefa Nuwahereza
The government of Uganda has secured a loan facility of US$246, over Shs903Bn from the United Kingdom, to finance the expansion of Namanve Industrial Park, this website has learnt.
Sources have revealed to Elite News that Uganda received $246m credit from the U.K Export Finance agency to upgrade its Kampala Industrial and Business Park, as the East African state focuses on manufacturing to spur the economy.
The country will use the credit on infrastructure for the 2,200-acre park and Lagan Group Ltd. has been contracted to carry out the work over a 42-month period, the Uganda Investment Authority said in an emailed statement.
It should be noted that most investors allocated land at the park have failed to establish operations because of a “complex geographical terrain” and “inadequate basic infrastructure,” the agency said.
This, however, comes a few weeks after the UK-Africa summit which President Yoweri Museveni attended with several other heads of state for African countries.
During the summit, Museveni urged UK investors to invest in Uganda, a move that was seconded by Prime Minister Boris Johnson, who also announced to the world that beef from Uganda can be exported to the UK.
822 total views, 2 views today