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Home News Uganda, AfDB sign 229.5-mln-USD deal for road construction project

Uganda, AfDB sign 229.5-mln-USD deal for road construction project

by Kingsley Chiahemen
0 comment 1 minutes read

Uganda and the African Development Bank (AfDB) have signed a contract for a $229.5 million road construction project, a statement said on Thursday.

The project is expected to boost trade between the country and its neighbours.

The money will be used to finance the Kampala-Jinja Expressway, which will cut travel time and boost trade along an important artery.

The road will link Uganda with its neighbours – Rwanda, Burundi, the Democratic Republic of the Congo, South Sudan and Kenya, the AfDB said in a statement posted on its website.

The bank said the project will be a public-private partnership that would improve travel flow from more than three hours to under one hour between Jinja and Kampala.

“The public-private partnership model will bring in private sector participation and financing of key infrastructure in Uganda.

“It will also yield a significant economic return for the country with an estimated net revenue of $2.1 billion over the 30-year concession period,’’ Augustine Kpehe Ngafuan, the AfDB’s Country Manager for Uganda, who signed the agreement said.

Uganda’s Minister of Finance, Matia Kasaija, who signed on behalf of Uganda, said the successful implementation of the project would spur trade volumes and economic growth in Uganda and among its neighbours. (Xinhua/NAN)

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