4 June 2002
THE Iraq Fund informed court recently that the government paid back US$1,960,278.00 (about sh3,518,699,010) on a loan obtained in 1975 for industrial development.
Juliet Nankinga reports that Iraq sued the government for the recovery of an outstanding loan of US$10,964,354 given in two phases 27 years ago.
In its defence, the Government claimed that the outstanding loan was US$5,847,507.90 and not US$10,964,354 (about sh17b). the case is before Commercial Court Judge Okumu Wengi.
Cheborion Barishaki, a Commissioner for Litigation and Charles Odere representing the Iraq Fund, closed their case and are due to file their submissions.
Youssouf Moussa, an Iraqi representative in Africa based in Dar- es-salaam, Tanzania, told court that his government extended a loan facility on soft terms for the purpose of financing industrial projects in Uganda but it has never been paid back.
Court heard that the Iraq government sought to have the loan repaid through the export of locally produced goods to Iraq but the Ugandan government rejected the proposal.
Be the first to Write a Comment!
Copyright © 2002 New Vision. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
