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Sunday, 29 September 2013

Uganda gets €112M from EU for roads to boost regional trade

The European Union (EU) has given Uganda 112 million Euros in credit and grants for road investments to facilitate trade in east Africa, it said on Wednesday 25 September. The EU has traditionally been a major source of funding for transport infrastructure for the prospective oil producer.
Uganda, however, has lately appeared to turn progressively toward China which has provided cheap loans to help finance projects including motorways, hydroelectric dams and public office blocks.
Uganda's national budget has been compressed since major western donors including United Kingdom (UK), its biggest source of bilateral aid, postponed financial support toward the end of last year after allegations that around 11 million Euros worth of aid had been misused. The EU however has continued its funding.
The latest funds will help to finish the construction of the Kampala Northern Bypass and build the Mbarara Bypass, which would speed up transit of goods on a motorway linking Uganda, Rwanda, Burundi, the Democratic Republic of Congo (DRC) and South Sudan to Kenya's Mombasa seaport.
Source: Reuters

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