Govt Borrows Close to $100 Million for Enterprise Development Project.

Cabinet sitting at State House Entebbe on Monday approved the proposal to borrow Special Drawing Rights (SDR) equivalent to 99.8 million additional financing from International Development Association (IDA) of the World Bank.

The move is in a bid to gather funds to support reforms geared towards financing Competitiveness and Enterprise Development Project (CEDP).

In a statement issued by Government spokesperson Ofwono Opondo, the project development objective is to support measures that facilitate increased private sector investment in Tourism Sector and strengthen the effectiveness of Land Information System.

Last week on Monday, Cabinet approved 10 million Euros from Government of Italy to finance Karamoja Infrastructure Development Project phase II under Health Sector Development Plan.

The purpose of the project was to construct and equip new Health Center IIIs in the sub counties and upgrade some existing infrastructure (Health Center IIs, IVs and regional referral hospitals).

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