Mikaili Sseppuya
7 September 2008
Kampala — PARADISE International Investment Ltd (China) is to invest $1.5b in Lake Victoria Free Trade Zone to be known as Ssesamirembe Eco-City in Rakai district.
The deal signed between Paradise and the Kagera Eco-Cities last month, will be the single largest private investment in East Africa, according to a statement released last week.
Companies operating in this zone will be exempt from paying income custom, corporate income and value added taxes.
The release said the Government authorised Kagera Eco-Cities Limited to construct the city which was also granted municipality powers and a governance charter ensuring red tape and corruption free administration. Eco-City has the power to enact ordinances that are in harmony with the Constitution to ensure that development is controlled and occurs in an ecologically-friendly and orderly manner," it said.
Key projects include International Airport, Airport City, Lake Port City and Barges/Container Ships, Lake Victoria Casino Hotels, International China-Africa Friendship Universit and an international finance centre.
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