Uganda Runs to China for Shs2 Trillion Oil Roads

Kampala — The government has turned to China's Export-Import (EXIM) Bank to secure funding for the construction of ten "critical oil roads" in the oil belt, Albertine Graben, in South Western Uganda needed urgently to ease the ongoing process of expediting commercial oil production to start by 2020.

Daily Monitor understands that ministry of Finance has already put in a loan request for more than $500m (Shs1.8t) which will be supplemented by withdrawals from the Petroleum Fund and additional funding from the ongoing budgetary cuts.

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