Nairobi — The Uganda government is to convert National Water and Sewerage Corporation's Ush154 billion ($90.5 million) debt into equity. There is one condition - that the firm implement projects worth Ush168 billion ($98.8 million) over the next five years using its own income.
This is contained in a contract seen as a compromise between the government either writing off the debt or allowing the country's only tap-water provider to increase water tariffs by between 60 per cent and 80 per cent to enable it to pay back the debt.
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