Uganda will expand a major road linking its capital Kampala with Rwanda after signing a deal on Thursday for a $151 million (Sh 15.4 billion) loan from the African Development Bank (AfDB).
The 40-year loan will partly finance a new 23 km, 4-lane toll road to help de-congest traffic on an existing road, the finance ministry and AfDB said, adding the government would fund the remainder of the $192 million (Sh19.6 billion) project.
In recent years East African countries have been investing heavily in transportation infrastructure to help boost trade. A significant chunk of that investment has been directed toward upgrading sections of what is known as East Africa’s northern corridor, a transport artery that loops in Uganda, Rwanda, Burundi and eastern Democratic Republic of Congo, stretching eastward to the Kenyan sea port of Mombasa.
READ MORE
Kenya launches green building hub to power sustainable projects
IFC backs Quickmart IPO with Sh1.9bn investor commitment
Kenya's public finance reforms stir regional interest
Afreximbank chief calls for reform of global financial architecture
