The Government of United Kingdom has increased Uganda’s project funding limit by an astronomical 233% from £600m to £2Bbn, equivalent of Shs 9.8tn.
The increase, done through the UK Export Finance (UKEF), is meant to boost trade between the UK and Uganda according to a letter from the Uganda High Commission in London to the Ministry of Foreign Affairs in Kampala.
“The UK government, as part of its efforts to boost trade with Uganda, has decided to increase funding through UK Export Finance (UKEF) from the current £ 600 million to £ 2 billion for projects in Uganda, as per attached extract,” said part of the letter signed by Uganda’s High Commissioner to London, Julius Peter Moto.
Uganda is among the countries that UK has decided to deliberately support in terms of diverse range of international projects.
“UK Minister for Exports, Hon. Graham Stuart, recently announced the decision to support a diverse range of international projects that will increase trade and create mutual opportunities with beneficiary countries, including Uganda, Egypt, Paraguay, Serbia and Vietnam,” added Mr. Moto.
The UK Export Finance is already funding projects in Uganda including the construction of the USD$ 309m Kabaale/Hoima International Airport meant to facilitate mobilization of equipment for construction of the Uganda Oil Refinery and assist in the development of agriculture and tourism in Uganda.
“As you are aware, a number of key projects in Uganda including construction of
Kabaale/Hoima international airport are being funded through UKEF. Lord Dolar Popat, UK Trade Envoy for Uganda, and the Mission here in London have been calling for increased investment by UK companies in Uganda,” said the letter.
This increment by UKEF provides additional opportunities for sourcing of funding to implement strategic projects prioritized by government of Uganda.
UK Export Finance (UKEF) last year agreed to provide support to Uganda Ministry of Finance, Planning and Economic Development to facilitate the development of the Kampala Industrial and Business Park Infrastructure Project.
The development comes ahead of the January 20 Africa Investment Conference to be held in London.
UK Export Finance (UKEF) recently agreed to provide support to Uganda Ministry of Finance, Planning and Economic Development to facilitate the development of the Kampala Industrial and Business Park Infrastructure Project.