The World Bank and the government of Uganda on Monday signed an agreement where the country would receive Shs 522bn in credit to support oil-related infrastructure projects in the Albertine graben.
Last month, parliament gave a green light to the executive to borrow the money. Under the loan agreement, the World Bank will provide $145m, approximately Shs 522bn, while the government of Uganda will provide $8m, approximately Shs 28bn, in counterpart funding. Therefore, the total project cost is $153 million, which is approximately Shs 550bn.
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