Cabinet Approves proposal to borrow 162.4 Million Euros for Development of Industrial works

Posted: 2019-12-03T11:05:19Z
Cabinet Approves proposal to borrow 162.4 Million Euros for Development of Industrial works

Cabinet has approved the proposal to borrow up to EUROS 162,445,694.1(Euro One Hundred and Sixty -Two Million Four Hundred and Forty-Five Thousand Six Hundred and Ninety-four and Ten cents) equivalent to USD 178,276,661.7 from Industrial and Commercial Bank of China to Finance the Development of Industrial Parks and Power Transmission Line Extension. 


The main objectives of the Project are to Provide adequate capacity to supply the industrial developments in the gazetted industrial parks of Wobulenzi, Kaweweta, Luwero, Kapeeka, Mbale and Sukulu areas in the medium to long term; and to improve power supply quality, Reliability and security in the area to facilitate industrial activity growth and rural electrification in the area. 


Cabinet sitting in Entebbe on Monday, also noted that Uganda is hosting the East African Local Authorities Sports and Culture Association (EALASCA) Games from 2nd to 7th December 2019 at Mandela National Stadium, Namboole. 


The objectives of EALASCA are to enhance Regional Integration and Cohesion within the region, to market sports as a way of promoting local tourism and cultural activities within the East African Community member countries, to provide a platform where employees (Policy Implementers) and Legislature (policy formulators) of Local Governments and Country Assemblies can share best practices, to foster regional cooperation and goodwill; and to promote good management and governance in sports and cultural activities in the region.