Sudan: Uganda signs financial deals with BADEA

Khartoum, Sudan (PANA) - Uganda on Sunday signed two agreements with the Khartoum-based Arab Bank for Economic Development in Africa (BADEA) to fund roads leading to integrating of regional road networks.

BADEA said the deal included a US$11.50 million loan agreement to finance upgrading of the Luwero–Butalangu road project and a Guarantee Agreement for two lines of credit amounting to US$6 million and US$10 million in favour of Uganda Development Bank to contribute towards financing private sector projects and financing imports from Arab countries to African countries respectively.

A press release received by PANA in Khartoum said the loan for the road project will support the upgrading of Luwero–Butalangu Road, within the framework of the Government of Uganda’s programme, so as to develop the transport sector in general and the national roads network in particular and the integration of the regional roads network.

The release explained that the road will connect the central eastern regions in Luwero and Nakaseke with the rest of the country and the capital Kampala. It will also ease the transport of goods and passengers in the region and in achieving food security and secure access to the centres of the social services, namely schools and health centers.

The BADEA release said the projects would also improve the efficiency of traffic and security on the current road, reduce the travel time and cost for trips, as well as operational cost for vehicle which will lead to reducing the transport cost and help in reducing poverty in the project region.

According to the release the two agreements were been signed by Dr. Sidi Ould Tah, Director General of BADEA and by Mr. Matia Kasaija, Minister of Finance, Planning and Economic Development for Uganda.
-0- PANA MO/MA 19Feb2017

19 Fevereiro 2017 13:24:49

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