8 November 2010

Uganda: Nation, Islamic Bank Sign Sh685 Billion Funding Deal

Kampala — THE Government has signed a $300m (about sh685.5b) deal with the Islamic Development Bank, under the Member Country Partnership Strategy, to finance infrastructure development in the country.

Finance minister Syda Bbumba said the money would fund projects in water, roads, rail and energy sectors.

"But the energy sector will be given priority to help people in agri-business process their produce according to international standards," she added.

Bbumba was speaking at the sixth IDB Women's Advisory Panel meeting at the Sheraton Kampala Hotel recently.

infrastructure development, enhancing of Agricultural Productivity and value addition, Promoting Private sector development and enhancing the Human Resource Base and Institutional Capacity.

"The MCPS is a concept that exploits the potentials and opportunities existing within the bank's 56 member countries for the benefit of each other", Bbumba said.

She said that, "This may be in form of technology transfer, cross-border investments, sharing of best practices, country experiences and others, with the IDB serving as a facilitator".

Bbumba added that there are other IDB member countries that have undergone a similar transformation and Uganda can learn a lot from these countries as it aspiring to become a middle-income country.

Copyright © 2010 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 publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.