Uganda: Govt Gets Shs 522 Billion for Hoima Oil Projects

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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