New Vision (Kampala)

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.

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