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Kampala city to issue first bond in 2015

By Reuters | October 7th 2014

Uganda’s capital city, Kampala, plans to issue the country’s first municipal bond by June 2015 to finance infrastructure development needed to change it into a modern commercial hub. Ahead of oil production in 2017, Uganda has seen a rush of foreign investment into its power and transport and hospitality sectors, fuelling demand for new infrastructure like roads. Kampala city officials estimate it will need about $6 billion to invest in its infrastructure over the next 10 years. Patrick Musoke, the city’s director for strategy, said yesterday the World Bank was providing advice on preparations for the debut bond offer and was helping to secure a credit rating.

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